One block south of Grand Central, 49 story office tower 101 Park Avenue has clawed its way back to roughly 98 percent occupancy after three fresh leases totaling about 77,400 square feet. The mix of a law firm shuffle, an institutional expansion and a tech headquarters relocation has given the Kalikow owned tower new momentum after several years of tenant churn, and a clear win for owner H. J. Kalikow and the building’s leasing team.
Three deals push occupancy to 98%
According to the New York Post, Cushman & Wakefield said three new signings added about 77,400 square feet and lifted the tower’s occupancy to roughly 98 percent. The Post names Sills Cummis & Gross as taking 26,400 square feet for an internal relocation, Corient as expanding by about 24,600 square feet and Cipher Digital as signing for roughly 26,400 square feet for a top floor headquarters. The article credits leasing efforts from Kalikow’s in house team and Cushman & Wakefield brokers for getting the trio of deals across the finish line.
Corient strengthens presence
Commercial Observer reported that Corient’s latest expansion brought its footprint at 101 Park to about 74,000 square feet, signaling the firm’s long term commitment to the property. The outlet notes Corient moved into the building in 2023 and that Cushman & Wakefield negotiated the expansion on behalf of the landlord. Those added blocks of space helped offset departures by larger firms earlier in the leasing cycle, the reporting says.
Big law shuffle and a tech HQ move
Sills Cummis & Gross is staying put, just not on the same floors. The firm’s 26,400 square foot relocation within 101 Park keeps the law shop in the tower while freeing up space on another floor for future leasing, the New York Post reports. The Post also notes that Cipher Digital, formerly based at One Vanderbilt, signed for the building’s top floor headquarters, taking roughly 26,400 square feet. Industry sources told the Post that Peter Kalikow’s leasing team worked with Cushman & Wakefield brokers John Cefaly and Nicholas Dysenchuk to land the tech tenant.
Why tenants keep choosing 101 Park
H. J. Kalikow & Co. touts 101 Park’s full service amenity package and direct access to Grand Central as key selling points, according to 101 Park. Floor plates of roughly 24,600 to 26,400 square feet give tenants the option to take entire floors or combine adjacent ones, a layout advantage highlighted by PropertyShark. The tower also houses Club 101, Convene event space and an on site garage, features brokers say help pull in law firms and institutional tenants that like their office buildings fully loaded.
Where it fits in the market
Industry research from JLL shows financial services tenants have accounted for a large share of recent Manhattan leasing, a tailwind for well located Class A towers like 101 Park. That demand has made stable, closely managed buildings more competitive as tenants zero in on floorplate size and amenity packages. As Commercial Observer noted, Cushman & Wakefield’s team said ownership and amenities were central to the latest round of leasing wins at the property.
