Shortly after China-based Bank of East Asia announced it would relocate from 202 Canal Street in Chinatown, banking executives signed off on renovation plans at the bank’s new 10th-floor headquarters at 540 Madison Avenue.
Previously occupied by SAC Capital, the space will be demolished and rebuilt, resulting in an array of sun-soaked, sleek perimeter offices lined with glass panels and interior workstations that allow for a mix of privacy and collaboration, all wrapped up in a prime Midtown location. The 10,900-square-foot deal set off a string of other lease signings: Conquest Capital Group, Hakluyt Co. and Ajax Advisors followed suit at the building, which is made up of various boutique financial firms, law firms and hedge funds.
“They were looking for a quality building, a boutique building where they could have a full floor and an identity—they weren’t looking at big corporate office buildings,” said Cynthia Wasserberger, a Jones Lang LaSalle broker who represented landlord Boston Properties.
Along with Boston Properties’ Adam Frazier, Ms. Wasserberger reviewed floor plans with The Commercial Observer and discussed what, exactly, drew the bank from Chinatown to 540 Madison Avenue.