A Fresh Take on CRE

Weekly Comps Digest: NYSSCA at 14 Wall Street; Trilantic at 375 Park; RBS, Bank Leumi, and Maybank in Midtown

NYSSCPA: A Calculated Move Downtown

The professional organization of accountants joins the trend of Downtown relocation. New York State Society of CPAs will take an entire floor at 14 Wall Street and will pay rent in the mid $30s, similar to what it paid at 3 Park Ave over the past ten years.

Our guess is that rents in the thirties are no longer easily attainable at 3 Park Avenue, as recent tenants in the building have agreed to pay rents in the mid forties.

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Trilantic Gets a Deal at The Seagram Building

Trilantic Capital took the entire 30th floor of the Seagram Building at 375 Park Avenue (17,519 SF). The financial firm will pay just over $100 a foot - quite a bargain compared with recent rents in the building.

(Clayton, Dubilier & Rice, Investindustrial, and Princeton Holdings each paid over $140 per SF.)

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A Flurry of Bank Deals in Midtown

Bank of America has announced it would reduce its footprint in midtown by 230,000 SF, but several other banks are renewing leases or flowing into midtown, all paying rents in the $60s and $70's PSF.

Among these are RBS at 340 Madison, Bank Leumi at 579 5th Ave, and MayBank at 400 Park.
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