Online music provider Pandora Media is expanding its lease at SL Green’s 125 Park Avenue by 51,000 square feet, taking its total at the Midtown office building to almost 104,000 square feet.
The Oakland, California-based company signed a 10-year expansion lease at the 26-story prewar building, located near Grand Central Terminal at East 42nd Street. Steven Durels, SL Green’s director of leasing, cited Pandora’s “rapid growth” in announcing the deal.
Asking rents in the building are around $70 per square foot, according to the New York Post. Pandora signed its initial 10-year, 52,000-square-foot lease at the property in 2013, moving into the 19th and 20th floors of the building at around $65 per square foot.
William Iacovelli and Ramsey Feher of CBRE represented Pandora, while SL Green’s Howard Tenenbaum and Gary Rosen handled the deal in-house. [NYP] – Rey Mashayekhi