Lease Beat

Chinatrust Commercial Bank Takes Nearly 21,000 SF at 521 Fifth Avenue

Chinatrust Commercial Bank, Ltd. has signed 15-year lease at SL Green Realty Corp’s 521 Fifth Avenue.

The transaction, coupled with Major, Lindsey & Africa’s lease which was also just announced, raises occupancy at the 463,000-square-foot, 39-story boutique office building, located two blocks from Grand Central Terminal, to 98 percent, according to a statement from SL Green.

“Leasing activity at the building accelerated at the end of 2012,” said Steven Durels, director of leasing at SL Green, adding that “comprehensive redevelopment and value-oriented rents have attracted several new tenants to the building.”

Chinatrust Commercial Bank, Ltd. signed a 20,987-square foot, 15-year lease for the entire 11th floor; and Major Lindsey & Africa, a recruiter for the legal industry, took 21,677 square feet in a 10-year lease for the entire 5th floor, joining a list of tenants within the building that includes Royal Healthcare, Lebenthal Holdings, Starz Media and McGraw Communications.

img480514797b368 Chinatrust Commercial Bank Takes Nearly 21,000 SF at 521 Fifth Avenue

521 Fifth Avenue

SL Green signed 54 Manhattan office leases totaling 321,622 square feet during the fourth quarter of 2012, the REIT reported late last month.

Soon Rhee of First New York Realty Brokers LLC represented Chinatrust Commercial Bank, which is scheduled to move in next month.  Soon Rhee was part of the team that brought Hana Bank to 650 Fifth Avenue last month, where the Korea-based financial institution signed a 10-year, 7,318 square-foot office lease renewal on the 15th floor.

Cushman & Wakefield’s Tara StacomBarry ZellerPeter AldenWhitten Morris and Mikael Nahmias represented SL Green in the transaction.

A C&W spokesperson did not immediately respond to calls and emails with comments.  Soon Rhee of First New York Realty Brokers could not be reached.

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