Newmark Arranges $360M Sale of Two Park Avenue Office Tower

January 9, 2025 10:00 AM

Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the firm has arranged the $360 million sale of Two Park Avenue in Manhattan. The transaction is the largest advisor-led, all-office property sale in New York City in 2024.

Newmark Co-Heads of U.S. Capital Markets Adam Spies and Doug Harmon, Executive Vice Chairmen Adam Doneger, Marcella Fasulo and Josh King, Executive Managing Director Avery Silverstein and Director Willis Robbins represented the seller, Morgan Stanley. The buyer, Haddad Brands, plans to occupy a portion of the one million square-foot property and lease the remainder.

“The sale of 2 Park Avenue reflects the growing trend of occupiers transitioning to ownership as a strategic move to align their business needs with long-term real estate goals,” said Spies. “This transaction allows Morgan Stanley to achieve a strong outcome in today’s market while enabling Haddad Brands to secure a flagship presence in one of Manhattan’s premier office towers.”

The 29-story 2 Park Avenue is located at the corner of Park Avenue and East 33rd Street, a 10-minute walk from both Grand Central and Penn Station. The Class A art deco building features a number of amenities, including a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking. The property offers a range of floor plates that can support a variety of occupier layouts.

Occupier-owner transactions rose 36% year-to-date as of the end of the third quarter, according to Newmark Research, as more companies opt to purchase properties for a discount rather than lease.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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[1] According to Newmark Research and MSCI.