405 Park Avenue
405 Park is a 17-story, mixed-use office and retail building in one of the world’s premier office markets.
In early May 2016, MRP and Deutsche Asset Management’s Alternatives and Real Assets (ARA) business acquired the 17-story building in New York City’s Plaza District, one of the most coveted office locations in Manhattan. The Park Avenue market has been the leading office corridor in the city and the allure of the location has allowed the submarket to maintain its premium status through multiple economic cycles with asking rents higher than other New York City submarkets. MRP plans to create value through a comprehensive and robust renovation program which will improve 405 Park’s market position as a boutique, Class-A asset in a trophy location.