Citizens Bank Takes Full Floor at 437 Madison
Transaction Follows Busy Year for Midtown East Office Building, with 10 Leases Signed in 2017
Citizens Bank, the 12th largest retail bank in the U.S., will move into 437 Madison Ave. in New York City this summer. It has signed a 10-year lease for 17,750 square feet at the 40-story Midtown office building owned by the William Kaufman Organization (WKO).
The financier will occupy the entirety of the 18th floor for executive offices and general operations, according to the landlord.
Encompassing the full block-front between 49th and 50th Streets, the 4-star office property totals 850,000 square feet of commercial space. Current tenants include Nixon Peabody and the Carnegie Corporation of New York.
The Emery Roth & Sons-designed asset was built in 1967 and recently underwent a $60 million redevelopment under Sage Realty Corporation, the leasing and management arm of WKO.
The transaction with Citizens Bank, "Reflects the ongoing resurgence of Midtown East," said Michael Lenchner, vice president and director of leasing at Sage Realty Corporation.
Over the past year, Sage has closed 10 leases totaling 124,900 square feet at the building, according to Lenchner. Among these transactions was a 35,755-square-foot lease by corporate litigation firm Montgomery McCracken Walker & Rhoads LLP and a 19,524-square-foot lease signed by investment firm Prelude Capital. Munich American Reassurance Company inked a lease for 18,650 square feet, while Lighthouse Partners agreed to occupy 17,750 square feet. The activity also included a number of leases signed under 10,000 square feet, including transactions closed with Centenus Global Management, Guilford Specialty Group, Mercantil Bank and Fidessa Corporation.
Sage Realty is in the midst of a leasing campaign for the building, with just under 56,000 square feet remaining on the market on the 17th, 39th and 40th floors, the company says. Asking rents for the building range from $82 to $110 per square foot.
A JLL team of Frank Doyle, David Kleiner, Hayley Shoener, Cynthia Wasserberger and Harlan Webster worked alongside Lenchner on behalf of building ownership. Adam Ardise, Stephen Bellwood and Locke Burnette with Cushman & Wakefield represented Citizens Bank in lease negotiations.