Trading Firm Takes Two Floors of Old JPMorgan Space
Laura Kusisto Aug. 16, 2010, 6:14 p.m.
320 Park Avenue
Concluding a search that was, to say the least, exhaustive, Mizuho Securities USA will take 69,000 square feet at 320 Park Avenue.
The trading firm vetted every top-tier office building in midtown, Paul Formichelli of Jones Lang LaSalle told The Commercial Observer. “The company needed to be in a building that fit its image but that could handle a modern trading firm,” including a backup generator.
That ruled out much of midtown’s aging office space. But the firm eventually settled on the Mutual of America building, which was renovated 15 years ago. The building offers the “infrastructure, location and overall look” Mizuho was looking for, Mr. Formichelli said.
Following a yearlong negotiation, Mizuho signed a 10-year deal to sublease the 11th and 12th floors from JPMorgan, which has been trying to shed 140,000 square feet of space in the building since acquiring Bear Stearns. The tenant was able to get “one of the best, if not the best” deals on the space, according Mr. Formichelli.
The asking rent was $60 per square foot.
Mr. Formichelli represented the tenant, along with Jim Wenk, also of Jones Lang LaSalle. JPMorgan was represented by Richard Bernstein, Ralph Giordano and Adam Ardise of Cassidy Turley.