BRISTOL, Tenn – The National Association for Stock Car Auto Racing (NASCAR) will move its New York office early next year, according to Crain’s New York.
Currently housed at Park Avenue Tower, at 65 E. 55th St, NASCAR will lease new space at 590 Madison Ave., taking a portion of the 43-story tower’s 40th floor building owned by pension fund State Teachers Retirement System of Ohio.
According to the report, NASCAR signed a 10-year lease for 14,077 square feet, located between East 56th and East 57th Streets.
Asking rent was approximately $150 per square foot – about 50 percent more than its current obligation, but according to a source provided to Crain’s New York, NASCAR will be paying $140 a square foot for its occupancy.
Despite the hefty increase, NASCAR is expected to save more money long-term with its decade long lease.
At their Park Avenue Towner location, NASCAR held 19,500 square feet and was paying rents of close to $90 per square foot. However, that number was likely to increase substantially when the lease was up for renewal, which prompted for the move, spearheaded by Patrick Heeg, a broker at Jones Lang LaSalle.
Other tenants in the new building include Aspen Insurance, UBS, Morgan Stanley, and Bain Capital, the private equity firm that once employed politician Mitt Romney.
NASCAR did not immediately respond for comment by publication deadline.
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