Full Breakdown
BXP Secures 230,000 Square Feet of New Leases at 360 Park Avenue South
3/16/2026, 10:09:02 PM
Overview of Leasing Activity
BXP, the largest publicly traded developer and owner of premier workplaces in the United States, has successfully signed over 230,000 square feet of new and expansion leases at its 360 Park Avenue South building in Manhattan. This leasing activity has brought the 450,000 square-foot property to more than 90% occupancy. The agreements reflect a strong demand for high-quality office space in the Midtown South submarket, particularly around Madison Square Park, with a weighted average lease term of 11.4 years.
Major Tenants and Expansions
The largest commitment came from Optiver, a tech-powered global market-maker, which expanded its footprint by 92,000 square feet, bringing its total presence in the building to approximately 115,000 square feet. Other notable tenants include Hunter Point Capital, which signed for 46,000 square feet; Marriott International, leasing 23,000 square feet for its Luxury Group corporate offices; Trexquant, a quantitative investment manager, which took 23,000 square feet; Betches Media, a female-led brand, also leasing 23,000 square feet; and Vercel, a web development platform, which secured 23,000 square feet.
Modernized Workspace and Amenities
360 Park Avenue South has undergone significant upgrades since BXP acquired the property in 2021. The building features modernized systems, renovated lobbies, and full-floor prebuilt office suites. Additional amenities include coworking spaces, conference facilities, dedicated lounges, and a communal rooftop terrace designed for events. The location, one block from Madison Square Park and equidistant from Grand Central Terminal and Penn Station, enhances its appeal, providing immediate access to transit and neighborhood energy.
Official Statements & Responses
Hilary Spann, Executive Vice President for the New York Region at BXP, emphasized that the leasing momentum at 360 Park Avenue South underscores a broader trend in the office market, where companies are increasingly prioritizing premium workspace in prime locations. She stated, “Midtown South demand continues to center on strong design, flexible amenities, and immediate transit access. Our 360 Park Avenue South delivers on those fundamentals.”
Criticism & Opposition
While the leasing activity at 360 Park Avenue South reflects a positive trend in the high-end office market, some industry analysts express caution regarding the overall office market's recovery post-pandemic. They note that while demand for premium spaces remains strong, the broader market is still adjusting to new workplace trends, which could impact future leasing dynamics.
Conflicting Reports & Gaps
There is some ambiguity regarding the specific details of tenant relocations and the current asking rent for the building. While reports indicate that asking rent was approximately $100 per square foot in January, BXP has not disclosed the most recent asking rent or the lengths of the leases involved in the latest transactions.
Verbatim Quotes
“360 Park Avenue South offered these tenants the rare opportunity to occupy exceptional office space in the highly desirable Midtown South submarket in a newly renovated building,” — Gregg Rothkin, CBRE Broker
“The momentum at 360 Park Avenue South underscores a clear reality that companies are prioritizing best-in-class space in the right locations,” — Hilary Spann, Executive Vice President, BXP
“Midtown south demand continues to center on strong design, flexible amenities and immediate transit access. Our 360 Park Avenue South delivers on those fundamentals.” — Hilary Spann, Executive Vice President, BXP
“Tenants continue to move to properties in great locations with exceptional ownership, like Boston Properties, who are providing an elevated work environment for today’s demanding tenants.” — Gregg Rothkin, CBRE Broker
