Chicago-based actual property agency Cresa not too long ago introduced that firm principal Michael Goldman had efficiently negotiated a lease renewal for the New York department of China Retailers Financial institution to stay at its present Midtown East location. With the 15-year lease extension, the financial institution will occupy greater than 43,000 sq. toes of Manhattan workplace house throughout three full flooring (the seventeenth, 18th, and twenty third).
Cresa Vice President, Barry Spagna, and Director of Consulting, Erik Sznip, labored with Goldman on behalf of the tenant. A CBRE leasing crew of Vice Chairman, Brian Gell, and Govt Vice President, Laurence Briody, represented Park Tower Group, which developed, owns, and manages 535 Madison.
“For practically a yr, our crew met with the financial institution’s govt administration in New York to find out one of the best programs of motion earlier than their lease expired,” Goldman mentioned. “After thorough constructing excursions of triple class An area within the Midtown Plaza district, we collectively decided the most suitable choice was to increase their lease at 535 Madison Avenue. CMB actually appreciated all of the constructing has to supply, together with superior tenant providers, the effectivity of column-free ground plates, and an ideal location.”
Rising 37 tales above the intersection of Madison Avenue and East 54th Avenue, 535 Madison affords LEED Gold-certified workplace house and is thought for its lovely foyer artwork assortment; expansive outside plaza; distinctive tenant providers and facilities; and high-quality tenant roster.
Because it initially joined the property with a 14,000-square-foot lease in 2008, the China Retailers Financial institution New York Department has regularly expanded its footprint and, as we speak, is the constructing’s largest tenant.
China Retailers Financial institution New York Department renews lease to occupy 43,000 sq. toes of workplace house for lease in Manhattan throughout three full flooring at 535 Madison. Property picture courtesy of CommercialEdge.
“We’re grateful to Park Tower Group and its leasing crew for collaborating with us on a tenant set up allowance and future inside and infrastructure upgrades as a way to keep this wonderful tenant and obtain a constructive consequence for all events,” added Cresa Managing Principal, Peter Sabesan.
“We couldn’t be extra happy that China Retailers Financial institution has opted to resume its lease at 535 Madison Avenue for an additional 15 years,” mentioned Marian Klein, president of Park Tower Group. “This renewal is a testomony to the deep and longstanding relationships we foster with our tenants; the superior high quality of this constructing; and the best-in-class providers we satisfaction ourselves on.”
Searching for workplace house for lease alternatives? Choose any of the areas linked beneath or go to the CommercialCafe homepage to start out your search.
Final modified: February 19, 2024
Earlier Story:Empire State Realty Belief Indicators Full-Flooring Tenant at 250 W. 57th St.
Concerning the Writer / Ioana Ginsac
Ioana Gînsac is a artistic author masking all-things-CRE for a number of Yardi product publications. Subjects embrace business information, U.S. workplace and industrial market reviews, in addition to options on growth, structure, urbanism, proptech, design, and extra. Her work has appeared in AmericanInno, Bisnow, BusinessInsider, Industrial Property Govt, Curbed, Quick Firm, Forbes, GlobeSt, Inc, Patch, The Actual Deal.
