Lease Beat

BNB Hana Bank Makes Manhattan Foray with Prominent Koreatown Lease


BNB Hana Bank has signed a 20-year lease for a 9,500-square-foot retail space at The Dylan, a new luxury residential development at 309 5th Avenue in Koreatown, Commercial Observer has learned.

The bank plans to relocate to the property in September from their current 250 Fifth Avenue location, the result of Hana Financial Group’s recent acquisition of BNB — which has a decades-long track record of serving Korean-American small-business owners — and a desire for a more prominent location within Manhattan’s Korean community. Read More

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. Read More

Lease Beat

Korea-Based Hana Bank Renews 7,318 SF at 650 Fifth Avenue

650 Fifth Avenue

Korea-based financial institution Hana Bank has signed a 10-year, 7,318 square-foot office lease renewal on the 15th floor at 650 Fifth Avenue, where ownership plans to reap the rewards of an ongoing capital improvement project.

The 36-story, 382,500 square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center, recently underwent an $11 million lobby renovation, completed in July.

“The building has always treated them well and we’re fortunate to retain them in the building,” said CBRE’s Paul Haskin, who represented owner 650 Fifth Avenue Company along with Robert Stillman and Zachary Freeman.  “I think they’re excited to stay, particularly given the renovations the owner has completed, as they continue to improve the property.” Read More