SL Green Realty Corp has announced that OceanSound, LP is expanding its footprint at 450 Park Ave through a new long-term office lease. The private equity firm, which focuses on investments in the technology sector, has committed to a five-year agreement for 32,032 square feet at the property. The lease covers three separate floors in the building, specifically the 8th, 22nd and 23rd floors, and represents a step up from OceanSound’s current sublease within the tower.
According to SL Green, OceanSound presently occupies 21,640 square feet under a sublease at 450 Park Ave. With the new direct lease, the firm is increasing both the extent and duration of its presence in the building. The transaction effectively transitions OceanSound from a smaller subleased space to a larger, multi-floor commitment, reflecting a deepening relationship between the tenant and the landlord.
Commenting on the agreement, Steven Durels, executive vice president and director of leasing and real property at SL Green, said the landlord is pleased to continue working with the firm. He noted that SL Green is “proud to extend and expand” its relationship with OceanSound at the tower. Durels added that recent upgrades at 450 Park Ave have enhanced the property and helped position it as a boutique office building catering to tenants seeking high-quality workspace, upscale amenities and a luxury address.
OceanSound was represented in the lease negotiations by John Johnson of Savills, Inc., who served as the tenant’s broker. SL Green was represented by a leasing team from CBRE, consisting of Paul Amrich, Neil King, Alex D’Amario, Matthew Dichter and Brooke Dewing. The presence of dedicated brokerage teams on both sides underscores the institutional nature of the tenancy and the importance of the deal to the building’s rent roll.
Located at the southwest corner of Park Avenue and 57th Street, 450 Park Ave is a 33-story office tower. The property is described as a boutique office asset and is home to a roster of financial and investment-related tenants. Current occupants include Banco Bradesco, Blue Crest Capital Management, Garnett Station Partners, Muzinich & Co and Steadfast Financial. The addition of an expanded OceanSound lease further reinforces the building’s positioning with capital markets and investment-management users.
The transaction highlights continued leasing activity at 450 Park Ave following the completion of various building improvements. While specific details on the upgrades were not disclosed, SL Green’s comments indicate that the enhancements are intended to keep the property competitive for tenants seeking best-in-class office space in a high-end location. With OceanSound increasing its square footage and committing to a new five-year term, the building continues to solidify its tenant mix among financial and technology-focused investment firms.
