Lease Beat

Bank of East Asia Leaves Chinatown in Favor of Midtown

Courtesy of Boston Properties

Courtesy of Boston Properties

The Bank of East Asia Ltd. will be relocating their New York office to Midtown.

The China-based bank will move from their office from the heart of Chinatown at 202 Canal Street to a 10,900-square-foot office occupying the entire 10th floor at 540 Madison Avenue.

A leasing team from Cassidy Turley consisting of vice chairman Robert Billingsley, senior managing director Jonathan Schindler, and associate Bryan Boisi represented the tenant. The team could not be reached for comment.

The lease was set for fifteen years and the asking rent was $78 per square foot.

The lease came in light of several direct lease signings at the building. The Bank of East Asia was the largest of the bunch followed by Conquest Capital Group at 4,247 square feet, Hakluyt Co. at 4,200 square feet, and Ajax Advisors at 2,750 square feet.

“Boston Properties’ 540 Madison Avenue offers a great solution for tenants looking for high-end office space in the Plaza District,” said Ms. Wasserberger in a prepared statement.

“The office property can accommodate space users of any size, whether it’s a smaller firm looking for a value play in the base of the building or a major corporation seeking prime tower offices with sweeping views of Central Park.”

“Given our tremendous success in leasing up the latest wave of prebuilt spaces at 540 Madison Avenue,” Ms. Wasserberger added. “Boston Properties anticipates rolling out additional prebuilt offices.”

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