The Durst Org. completes five-year lease for 31,519 s/f to Varagon Capital Partners

New York, NY The Durst Organization has signed Varagon Capital Partners to a five-year lease for 31,519 s/f on the 53^rd floor at One Five One West 42^nd St. The asset manager is relocating their offices from 299 Park Ave. 

Building on its pedigree as the first green skyscraper in the country, One Five One West 42^nd St. achieved LEED Gold certification under LEED v4 Existing Buildings: Operations + Maintenance. This is a result of a $150 million-plus capital improvement program, which included new entrances, a lobby renovation, new destination dispatch controls and elevator cabs, enhanced building automation and temperature control systems, and demand-controlled ventilation through sensors installed in each air handling unit. The 45,600 s/f amenity includes conference and meeting rooms and an artisanal food hall located in the reimagined Frank Gehry cafeteria and curated by Michelin Star chef Charlie Palmer.

“We are thrilled to welcome Varagon to One Five One,” said Jonathan Durst, president of The Durst Organization. “One Five One has been transformed into a hub for the financial, legal and technology industries. One Five One was state-of-art when it opened 20 plus years ago, and thanks to a $150 million capital repositioning, it remains a trophy Class A property that competes with the newest product on the market. Despite lease terminations that would have left the entire building vacant in 2019, One Five One is now over 90% leased with only two full floors and a handful of suites available at the property.”

Varagon was represented by Newmark’s executive managing director Brad Needleman and senior leasing manager Leo Paytas. The Durst Organization was represented in-house by executive vice president Tom Bow, senior vice president Rocco Romeo and associate director Tanya Grimaldo.