Deerfield finishes $6.5M multi-floor fit-out of an office building in Flatiron

Medical property owner Deerfield Management Company, on February 22, formally completed a $6.5 million fit-out of three floors of an office building at 345 Park Avenue South in Flatiron. This work is just a portion of the total expected to be spent on the renovation of the building.

The plans, pre-filed on May 11, 2020, call for work on floors 10 through 12 of the 147-foot tall, 12-story building. Karen Noy was the owner representative on the filing.

The project is described in the filings as: herewith filing for the Deerfield tenant general construction fit-out work. No change to use, egress or occupancy [made] under this application. The initial cost as reported in the DOB filing for the work described in this permit application is $6,500,000.

The property was acquired for $344.5 million on September 5, 2019. The medical fund management company purchased the building from RFR Realty. Reports around the time of purchase stated the company estimated the total cost at about $570 million to buy and renovate the building, specifically by creating lab space.

Deerfield signed a $405 million loan agreement with Blackstone and LoanCore Capital for the property in September of 2019.

Direct link to Acris document. LINK

Direct link to DOB document. LINK