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Traxys Signs for Nearly 30,000 SF at 299 Park Ave

Raw-Materials Trader Will Relocate from 825 Third Ave in 2019
March 6, 2018
Traxys is planning ahead. The company, which provides financial and logistical services to the raw materials industry, has signed a lease to relocate to the UBS Building at 299 Park Ave. in New York City in the second quarter of 2019, according to landlord Fisher Brothers.

The 15-year lease is for 29,771 square feet on the 38th floor, Fisher says, and with the latest transaction 299 Park Avenue is now 85 percent leased.

Traxys will relocate from its current headquarters at 825 Third Ave., a 40-story, 4-Star office at the corner of E. 50th St. There, it occupies 19,239 square feet on the 45th floor.

CEO Mark Krystoff said his company had sought "a modern environment where our employees could continue to succeed in a central Midtown location."

The firm’s merchant and trading work places it among like-minded ilk. Financial and professional services firms comprise the majority of rent roll at 299 Park Ave. Tenants include Capital One Services, AlpInvest US Holdings and American Securities. UBS leases 168,798 square feet as an anchor tenant, and retains naming rights at the building.

Built in 1967 and designed by Emery Roth, 299 Park Ave. spans approximately 1.18 million square feet and stands 42 stories above the Plaza District submarket.

Fisher Brothers has $20 million in capital improvements planned for the steel building, which will include modernizing the lobby and entrance hall as well as illuminating the outdoor plaza. David Rockwell and the Rockwell Group are design leads on the project that is set to begin later this year.

"We are pleased to welcome Traxys, which was drawn to 299 Park Avenue for its ideal Midtown location just steps from Grand Central Terminal and surrounded by the city’s top corporate headquarters and world-class dining, retail, and hospitality options," said Ken Fisher, partner at Fisher Brothers. "The recent lease successes are a direct result of our renovation plan, which will further solidify 299 Park’s position as a premier Plaza District destination that is fully-modernized and truly reflects the prestige of Park Avenue."

Since May 2017, Fisher Brothers has closed nearly 150,000 in signed leases for 299 Park Avenue. Varagon Capital Partners signed a 28,316-square-foot lease for the third floor, CoStar News reported in November. Private equity firm 17Capital recently signed a lease for 3,658 square feet of prebuilt space on the 41st floor, according to Fisher Brothers.

CBRE’s Taylor Scheinman, Adam Rabi and Ken Meyerson acted on behalf of Traxys. Charles Laginestra and Marc Packman with Fisher Brothers represented the landlord in-house, alongside a Newmark Knight Frank team comprising of Peter Shimkin, Andrew Sachs, Andrew Peretz, David Falk and Eric Cagner.

Diana Bell, New York City Market Reporter  CoStar Group   
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