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250 Park Avenue Office Lease · New York, NY · 12,450 SF · Suite 4200, 42nd Floor
Tenant
Meridian Capital Partners LLC
Landlord
Park Avenue Properties Trust
Property Address
250 Park Avenue, Suite 4200, New York, NY 10177
Premises
12,450 SF, 42nd FloorSingle-floor office suite
Lease Commencement
January 1, 2024
Lease Expiration
December 31, 2033
Total Term
120 months (10 years)
Rental Rate
$56.50/SF annually$703,650/year ($58,637.50/month)
Escalations
3% annualFixed percentage each lease year
Year 5 Rent (Estimate)
$815,224/year ($67,935/month)
Expense Structure
Modified Gross
CAM Rate
$12.30/SF estimated ($153,135/year)Reconciled annually; tenant pays pro rata share
Insurance
Tenant maintains $5M general liabilityAnnual cost approximately $8,000–$12,000 depending on coverage
Parking
25 reserved spaces @ $450/month eachTotal parking: $135,000/year
TI Allowance
$85.00/SF$1,058,250 total allowance
TI Conditions
Paid within 30 days of substantial completionLandlord approval required for all plans and specs
Security Deposit
$175,912.50Equivalent to 3 months base rent
Deposit Held By
Landlord (in non-interest bearing account)
Renewal Options
Two consecutive 5-year options1st option: 2034–2038 | 2nd option: 2039–2043
Renewal Rent
95% of Fair Market Value (FMV)Determined by independent appraisal if parties disagree
Notice Requirement
Tenant must notify landlord 12 months before lease expiration
Permitted Use
General office for financial servicesNo retail, manufacturing, or prohibited uses
Assignment & Subletting
Landlord consent required (not unreasonably withheld)Landlord entitled to 50% of profit on assignment
HVAC
24/7 during lease term; tenant responsible for maintenance
Signage Rights
Interior signage only (directory and suite entrance)
Rent Due Date
1st of each month; 3-day grace period
Late Fees
5% of monthly rent + 1.5% monthly interest on overdue amountsApplied after grace period
Eviction
Eviction after 15 days if rent remains unpaid past grace period
Commencement
01/01/2024
TI Deadline
06/30/2024 (estimated)
First Renewal Notice Due
01/01/2033
Expiration
12/31/2033
1st Renewal Ends
12/31/2038
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