Case Study

Ares

Doubling Down: How Ares scaled up and outflanked others to create a world-class HQ at the top of 245 Park

July 1, 2024

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Overview

With rapidly expanding growth needs, a strong desire to remain on Park Avenue, limited lease term remaining, and mired in a stalled process, Ares engaged CBRE to create their new headquarters.

  • 345,000

    Total Square Feet

  • 100%

    Increase in office footprint with significant future growth opportunities

  • Signage

    And Branding

  • Large

    Penalties if landlord misses key milestones on building renovation/upgrades

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Proposed lobby redesign and signage. Rendering courtesy of SL Green.
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New Terracotta Façade and Plaza Redesign. Rendering courtesy of SL Green.
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Proposed lobby redesign. Rendering courtesy of Gensler.
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Proposed Rooftop Park. Rendering courtesy of SL Green.
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Proposed Rooftop Park. Rendering courtesy of SL Green.

Solution & Result

  • Leveraged CBRE team’s credibility with SL Green to identify and secure a temporary built space in the building to alleviate seat-count pressure and minimize capital costs.
  • Worked with Ares to determine its long-term occupancy criteria and space requirements and developed viable relocation and renewal strategies and alternatives.
  • Leveraged pending debt expiration, relocation alternatives and unique insights into other tenant activity within 245 Park Avenue to secure contiguous growth space (allowing Ares to double in size) upon favorable lease terms, including substantial growth rights and branding opportunities.
  • Negotiated assurances (and strict penalties) for a comprehensive building renovation to be completed by ownership within set timeframes, inclusive of required upgrades to building systems and dedicated amenities.