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BREAKING NEWS: 112k SF at 399 Park

New York
BREAKING NEWS: 112k SF at 399 Park
Assuming the reason Pinebridge Investments changed its name from AIG Investments was to avoid headlines, remind us never to pick it for our hide-and-go-seek team; it's done a poor job of lying low, signing one of the biggest deals of the year, 112k SF at 399 Park for its NYC HQ.
399 Park Avenue
Studley brought its big guns to broker the 15-year transaction: CEO Mitchell Steir and EVPs Matthew Barlow and David Goldstein. Pinebridge, recently sold to Hong Kong-based Pacific Century Group, plans to consolidate from 70 Pine St and 277 Park late this summer. CB New York Tri-State Region Chairman John Powers, with EVP Peter Turchin and first VP Gregg Rothkin, repped the landlord, Boston Properties. Part of the deal is a 73k SF sublet from Legg Mason, through September 2017 (which then becomes a direct lease with Boston Properties). CBRE's Ken Rapp and Christopher Mansfield repped Legg Mason. John credits BP for “a magnificent job positioning 399 Park Avenue as one of Manhattan's trophy buildings.”