225 Park Avenue South
| Company type | Commercial office property |
|---|---|
| Industry | Real estate |
| Founded | 1909 |
| Headquarters | Manhattan, New York City , United States |
| Products | Office space leasing |
| Owner | Orda Management |
225 Park Avenue South—initially known as the American Woolen Building after its primary occupant, the American Woolen Company—is a commercial office property situated in Manhattan's Flatiron District. Positioned at the intersection of Park Avenue South and East 18th Street, it lies just two blocks north of Union Square. The complex consists of the 19-story structure at 225 Park Avenue South alongside the adjacent 12-story building at 233 Park Avenue South.
Currently under the ownership of Orda Management, this complex functioned as the interim headquarters for the Port Authority of New York and New Jersey (PANYNJ) from 2001 until 2015, following the loss of their World Trade Center offices during the September 11 attacks. Additionally, the site formerly accommodated the main offices of Crown Publishing Group.
Design
The architectural design of 225 Park Avenue South was executed by Robert Henderson Robertson of R.H. Robinson & Sons, providing a total of in office space. The building showcases a steel structural frame complemented by a limestone façade. A notable feature is the ram’s head sculpture adorning the primary entrance on Park Avenue, while a freight entrance is located on 19th Street.
The elevator system comprises five general passenger elevators servicing floors 1 through 13, six specialized company/client elevators with selective access up to floor 19, and four freight elevators—three of which also accommodate passengers. The American Woolen Company utilized the 14th floor as its reception area.
Adjacent to it, the 12-story 233 Park Avenue South was constructed during a similar timeframe and is distinguished by a brass ring embellishing its main doorway. Significantly, Facebook leased approximately 78,666 square feet on the upper levels of this historic office tower.
History
Before its current incarnation, the location was occupied by the Florence Apartment House built in 1878. Erected in 1909 as the American Woolen Building, 225 Park Avenue South originally bore the address 225 Fourth Avenue—a designation that persisted even after Fourth Avenue was renamed Park Avenue South in 1959. Historically, floors 13 through 19 were occupied by the American Woolen Company.
During the 1980s, The Guardian Life Insurance Company of America secured leasehold space at both 225 and 233 Park Avenue South when relocating from its former headquarters at the Germania Life Insurance Company Building nearby. Guardian Life subsequently moved its main offices to Manhattan’s Financial District in 1998.
Crown Publishing Group maintained its headquarters at 225 Park Avenue South with an office area measuring , prior to its acquisition by Random House, which contemplated subleasing this space in 1990.
In response to losing its World Trade Center offices in the September 11 attacks, the Port Authority of New York and New Jersey established temporary headquarters at 225 Park Avenue South starting in 2001. The agency leased a combined total of across both 225 and 233 Park Avenue South. The Office of Medical Services remained located at 233 Park Avenue South until relocation plans surfaced in 2016. PANYNJ transitioned back to 4 World Trade Center between 2014 and 2015; following this move, Facebook reportedly leased much of their former office space.
In 2014, Buzzfeed leased office space spanning floors 11 through 16. Two years later, Facebook signed a lease for , occupying floors 17 to 19 along with additional areas between floors six and ten.
After PANYNJ vacated, a substantial renovation was finalized in 2017. By that time, occupancy rates had climbed to approximately 97.9%, with prominent tenants including BuzzFeed, Facebook, and STV Inc., which held some of the largest leases.
Following departures by major occupants such as Meta Platforms, mortgage loans tied to both buildings entered special servicing as of April 2024 amid occupancy declining to nearly 40%. By December that year, combined property valuations had plunged dramatically to $217 million—less than one-third of their peak value of $750 million recorded in 2017.