299 Park Avenue
Encyclopedia
299 Park Avenue is an office building in New York City located on Park Avenue
between 48th and 49th streets. The building is home to the New York headquarters of UBS Investment Bank which occupies approximately two-thirds of the floors as well as MeadWestvaco
and GE Capital
; private equity firms Cerberus Capital Management
and Freeman Spogli & Co.
; and investment banking boutiques Sagent Partners and FBR Capital Markets
. The building also houses the Japanese consulate in New York City.
was opened in 1967 and stands 42 stories tall and approximately 175 m (574 ft). 299 Park is a large black skyscraper with alternating shiny and matte thin stainless steel mullion
s emphasizing its height. The building contains approximately 1200000 square feet (111,483.6 m²) of space.
The building was constructed on the location of the original Park Lane Hotel. The building was originally constructed over the primary rail tracks for Metro-North Railroad
's New Haven Line, which made the building's construction and engineering highly complicated. The foundation of the building was constructed through "ladder tracks", two layers of railroad tracks, not in platform position. The construction was completed without interfering with the operation of the railroad. In 1980 and then again in 1981, the building suffered damage from large fires - the 1980 fire caused injuries to 125 firefighters.
For much of its history, the building was commonly referred to as the Westvaco Building and was the headquarters of Westvaco
. Today, the company's successor, MeadWestvaco
continues to use the building as a regional office. The building was also the home of law firm Debevoise, Plimpton, Lyons & Gates prior to leaving the building in 1983.
Since its construction, 299 Park has majority owned and controlled by Fisher Brothers, a real estate investment group, that developed the site in the 1960s. Fisher Brothers occupies the top two floors of the building for its headquarters. Prior to the financial crisis of 2008, UBS had owned a 49.5% interest in the building. The bank began an auction for its minority interest in the building in 2009 and sold its interest for $335 million in early 2010, implying a total valuation of just over $675 million. The buyer was Rockpoint Investments, a real estate investment firm UBS also sublet a portion of its space in the building in 2009.
Park Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
between 48th and 49th streets. The building is home to the New York headquarters of UBS Investment Bank which occupies approximately two-thirds of the floors as well as MeadWestvaco
MeadWestvaco
MeadWestvaco Corp. is an American packaging solutions company based in Richmond, Virginia. It has approximately 23,000 employees. In February 2006, it moved its corporate headquarters to Richmond, Virginia...
and GE Capital
GE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
; private equity firms Cerberus Capital Management
Cerberus Capital Management
Cerberus Capital Management, L.P. is one of the largest private equity investment firms in the United States. The firm is based in New York City, and run by -year-old financier Steve Feinberg. Former U.S...
and Freeman Spogli & Co.
Freeman Spogli & Co.
Freeman Spogli & Co. is a private equity firm focused on leveraged buyout and recapitalization transactions involving growth companies in the retail, direct marketing, catalog and distribution sectors....
; and investment banking boutiques Sagent Partners and FBR Capital Markets
FBR Capital Markets
FBR & Co. provides investment banking, merger and acquisition advisory, institutional brokerage, and research services through its subsidiary FBR Capital Markets & Co. FBR focuses capital and financial expertise on the following industry sectors: consumer; diversified industrials; energy & natural...
. The building also houses the Japanese consulate in New York City.
History
The building, which was designed by Emery Roth & SonsEmery Roth
Emery Roth was an American architect who designed many of the definitive New York City hotels and apartment buildings of the 1920s and 30s, incorporating Beaux-Arts and Art Deco details...
was opened in 1967 and stands 42 stories tall and approximately 175 m (574 ft). 299 Park is a large black skyscraper with alternating shiny and matte thin stainless steel mullion
Mullion
A mullion is a vertical structural element which divides adjacent window units. The primary purpose of the mullion is as a structural support to an arch or lintel above the window opening. Its secondary purpose may be as a rigid support to the glazing of the window...
s emphasizing its height. The building contains approximately 1200000 square feet (111,483.6 m²) of space.
The building was constructed on the location of the original Park Lane Hotel. The building was originally constructed over the primary rail tracks for Metro-North Railroad
Metro-North Railroad
The Metro-North Commuter Railroad , trading as MTA Metro-North Railroad, or, more commonly, Metro-North, is a suburban commuter rail service that is run and managed by the Metropolitan Transportation Authority , an authority of New York State. It is the busiest commuter railroad in the United...
's New Haven Line, which made the building's construction and engineering highly complicated. The foundation of the building was constructed through "ladder tracks", two layers of railroad tracks, not in platform position. The construction was completed without interfering with the operation of the railroad. In 1980 and then again in 1981, the building suffered damage from large fires - the 1980 fire caused injuries to 125 firefighters.
For much of its history, the building was commonly referred to as the Westvaco Building and was the headquarters of Westvaco
MeadWestvaco
MeadWestvaco Corp. is an American packaging solutions company based in Richmond, Virginia. It has approximately 23,000 employees. In February 2006, it moved its corporate headquarters to Richmond, Virginia...
. Today, the company's successor, MeadWestvaco
MeadWestvaco
MeadWestvaco Corp. is an American packaging solutions company based in Richmond, Virginia. It has approximately 23,000 employees. In February 2006, it moved its corporate headquarters to Richmond, Virginia...
continues to use the building as a regional office. The building was also the home of law firm Debevoise, Plimpton, Lyons & Gates prior to leaving the building in 1983.
Since its construction, 299 Park has majority owned and controlled by Fisher Brothers, a real estate investment group, that developed the site in the 1960s. Fisher Brothers occupies the top two floors of the building for its headquarters. Prior to the financial crisis of 2008, UBS had owned a 49.5% interest in the building. The bank began an auction for its minority interest in the building in 2009 and sold its interest for $335 million in early 2010, implying a total valuation of just over $675 million. The buyer was Rockpoint Investments, a real estate investment firm UBS also sublet a portion of its space in the building in 2009.