ABS Partners Real Estate Reports Bloomberg LP Extends 495,753-SF Lease at 120 Park Avenue

Bloomberg LP Extends Midtown Manhattan Lease

ABS Partners Real Estate reported that Bloomberg LP has signed an 11-year lease extension for its 495,753-square-foot office space at 120 Park Avenue in Midtown Manhattan. The extension secures the company's presence at the property through 2040, continuing its tenancy that began in 2011.

Lease Terms and Property Details

The lease extension covers the entire Park Avenue blockfront between East 41st and East 42nd Streets. The agreement extends Bloomberg's current lease, which was set to expire in 2029 after being renewed in 2018. According to information shared with Crain’s New York by G Holdings chairman and founder Eyal Ofer, asking rents at the building average $135 per square foot. Other financial terms were undisclosed.

Alignment with Other Bloomberg Real Estate Holdings

The extension aligns with Bloomberg’s other New York City leases. The privately held data and media company, led by former New York Mayor Michael Bloomberg, also extended leases at 731 Lexington Avenue and 919 Third Avenue last year. Those agreements run through 2040 and cover approximately 950,000 square feet and 175,000 square feet, respectively.

Midtown Manhattan Office Market Context

The lease renewal at 120 Park Avenue reflects continued leasing activity in the Midtown Manhattan office market. Specific financial details beyond asking rents were undisclosed.

Sources

ABS Partners Real Estate
Crain’s New York