Boston Properties Kicks Off Major Capital Improvements at 399 Park Avenue

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Upgrades to a Park Avenue Trophy Building Start Early 2016

Boston Properties Inc. (NYSE: BXP), one of the country’s largest owners, managers and developers of Class A commercial properties, is embarking upon a comprehensive capital improvement program at one of its signature properties, 399 Park Avenue. Built in 1961, the 1.7 million-square-foot office tower spans an entire city block from Park Avenue to Lexington Avenue, between 53rd and 54th Streets. Gensler has been tapped as the design architect slated for the redevelopment and repositioning.

“This building was the epitome of modernist design developed for a major corporate user, which is why it continues to be a Class-A asset,” says John Power, Senior Vice President, Regional Manager of the New York Office. “But Boston Properties has a long-standing commitment to improving the signature properties in its portfolio and this is an opportunity to enrich a remarkable building for decades to come.”

Among the many exceptional enhancements or “delighters” being designed is a façade transformation in which the exterior limestone will be re-clad with metal panels from grade to the top of the 40-story tower. In addition, spandrel panels will be painted and mullions and glass cleaned and polished. The building’s curbside appeal is also being highlighted with a new canopy at the Park Avenue entrance that will include new ceiling, lighting, pavers, revolving doors and enhanced glass storefront façades.

Adding to the desirability of 399 Park Avenue will be a host of exceptional build-outs and amenities, such as the “Oasis in the Sky,” featuring a glass cube on the 13th floor setback surrounded by a wraparound terrace and outdoor space, including a “green” roof on the Lexington Avenue and 53rd Street sides of the building. The column-free interior of the cube will have 13-foot ceilings to provide a prospective tenant with the ability to utilize the space as a conference facility, amenity space or even a unique office environment.

On the 7th floor, outdoor “Living Room” spaces are being constructed in each corner of the building. They will include landscaping, seating and direct walk-out access onto each outdoor space.

Earlier this year, Boston Properties introduced its Bike Valet program for tenants in four of its office buildings in the immediate area, including 399 Park Avenue where the complimentary secured bike storage facility is located. Originally designed and built as the headquarters for City National Bank, the predecessor of Citibank, the building is already rich in key infrastructure resources such as back-up power, electricity, HVAC and telecommunications. The planned enhancements will only serve to improve this robust asset.

Current tenants at 399 Park Avenue include Arnold & Porter, First Manhattan, Eton Park, PineBridge Investments, C.V. Starr, Morgan Stanley, Moelis & Company, Savills Studley and Avenue Capital.

Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, four residential properties and five retail properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in four markets – Boston, New York, San Francisco and Washington, DC.

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Andrew Levin
Boston Properties
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Linda Alexander
Alexander Marketing
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