Famed Park Avenue office tower gives aging event space a facelift

There’s a new look and new life for one of Realty Check’s favorite private gathering spots.

Club 101 at HJ Kalikow’s 101 Park Ave. it’s warmer and livelier than it was in the years Peter Kalikow owned the New York Post, when he threw memorable holiday parties that included, if memory serves, his surprise entrance on a motorcycle.

The tenant-only restaurant and lounge, once 1980s-style silver and gray, now boasts plush red carpet, new lighting and wall treatments. A new kitchen has been installed to bring food service up to 2024 standards.

The redesigned clubhouse is part of the tower’s amenity program for office workers and visitors, which includes Five Iron Golf and the American Kennel Club Museum.

The tower on East 40th Street is 88.5% leased to tenants such as Corient, Morgan Lewis and Alliant Insurance. Asking rents range from $90 to $175 per square foot.

We often leave commercial refinancing to the trade, but this one is too monumental to ignore. Tishman Speyer refinanced Rockefeller Center through a $3.5 billion CMBS loan, which it said was the largest ever for a single commercial asset.

The five-year loan, for which Bank of America and Wells Fargo acted as co-lead managers, will replace Rock Center’s previous 20-year, $1.7 billion CMBS loan and additional financing that matures in May 2025.

Tishman Speyer owns the site with Chicago-based Henry Crown & Co. Over the past 20 years, Tishman CEO Rob Speyer has led a methodical modernization, beautification and re-leasing of the landmark Midtown, 13-building, 7.3 million-square-foot complex. Its offices are 93% leased to firms such as Deloitte, Lazard, Simon & Schuster and JPMorgan Chase.

Another week, another financial firm’s early renovation and expansion in the same prominent location.

Mirae Asset Securities has doubled its space at SL Green’s 810 Seventh Ave. with a 10-year renewal starting in March 2027 on its current 17,320 square feet, and a separate lease for an additional 17,320 square feet.

The 760,000-square-foot tower between West 52d and 53d streets is also home to Brightwood Capital, Berkeley Research Group, residential brokerage BOND, Ballon Stoll Bader & Nadler, Dragados USA, Ion Media Networks, Inc. and TAG Associates Ltd.