Money managers sign 112,000 sf lease

Real Estate Weekly, Jan 20, 1993

The Prudential Realty Group announced that J. & W. Seligman & Co., a money management firm, has signed an 112,000-square-foot long-term lease at 100 Park Avenue in Midtown Manhattan.

100 Park Avenue, a 36-story, 825,000-square-foot office tower, is a project of The Prudential Realty Group. The building is located on the west side of Park Avenue between 40th and 41st streets, just one block from Grand Central Terminal.

The Prudential recently completed a $7.7 million renovation program at 100 Park Avenue that includes a refurbished lobby, refacing of the lower facade with granite, upgraded elevator cabs and new rest rooms.

Joseph Costabile and Tara Stacom of Cushman & Wakefield, New York, represented The Prudential Realty Group in the transaction. J. & W. Seligman was represented by Harvey Schulweis and Tom Brody of Schulweis Realty, New York.

J. & W. Seligman & Co., rounded in 1864, is one of the most renowned money management firms in America, managing assets in excess of $11 billion. It will be moving 400 employees to 100 Park Avenue and will take occupancy in August 1993.

The Prudential Realty Group is the real estate investment arm of The Prudential Insurance Company of America. It manages a diversified portfolio of properties and commercial mortgages on behalf of The Prudential and institutional clients. The Prudential Realty Group has regional offices throughout the United States. The Newark, New Jersey, office oversees a portfolio of 15.5 million square feet in the Northeast.