Crane Partners Asset Management has acquired 16,797 square feet of retail and office space at 202 Canal Street in Chinatown for $36 million. The deal comes six months after Keystone Equities and Apollo Global Management made a deal to acquire the entire building from the Bank of East Asia.
“What attracted us to this opportunity was the ability to invest in an irreplaceable retail corner of Manhattan where there is limited inventory for Class A buildings,” said Richard Han, managing partner of Crane Partners, in a prepared statement. “The property has tremendous upside given its location yet significant downside protection with one of the most creditworthy tenants in the world in a long term triple net lease.”
Real estate investment and private equity firm World Class Capital has signed a lease for 2,723 square feet at Boston Properties’ 540 Madison Avenue, where asking rents range from $80 to $90 per square foot.
“They were looking to open up a New York office that reflected their business model,” Gabe Marans of Studley, who represented the tenant, told The Commercial Observer. “They wanted to be in a boutique building that had easy access to transportation and that was centrally located on the island.”
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.
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 Read More