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C&W unit assigned at 400 Park.

The Strategic Agency Services Unit of Cushman & Wakefield has been awarded the management and leasing agency at 400 Park Avenue by Aetna, the new managing partner of the building.

The 220,000-square-foot building, located at 54th Street, has about 58,000 square feet avail able, said Joe Costabile, manager of the Cushman & Wakefield unit.

This is the first major assignment for the Strategic Agency Services, which provides asset management services to institutions that have acquired properties via bankruptcy, purchase, default or, in the case of 400 Park Avenue, Costabile said, a "friendly transition."

While the ownership of the building, 400 Park Avenue Associates, L.P., has not changed, Aetna has replaced Fisher Brothers as the managing partner. Costabile said they will be responsible for enhancing the value of the building through repositioning, leasing, managing, and evaluating, and possibly, selling the building.

Ron Fox and Brian Higgins will head the leasing team.
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Title Annotation:Strategic Agency Services Unit of Cushman And Wakefield Inc. contract for management and leasing services of commercial building at 400 Park Avenue, New York, New York with Aetna Realty Investors Inc.
Publication:Real Estate Weekly
Date:Jul 28, 1993
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