France’s Second-Biggest Bank Signs 2010’s Biggest Lease
245 Park Avenue
In the city’s biggest leasing transaction so far this year, Societe Generale SA will move its U.S. headquarters to 245 Park Avenue.
France’s second-largest bank will take a 442,000-square-foot chunk out of the former Bear Stearns building for 10 years. It will sublease the space from JPMorgan Chase, which, according to media reports earlier this year, wanted to vacate its 600,000-square-foot space in the building.
The mega-lease beats out a 406,399-square-foot deal by law firm Proskauer Rose at 11 Times Square in the spring. The French bankers will occupy floors 3 through 12 of the 44-story building just a couple of blocks from Grand Central. It will make the leap from its current home at 1221 Avenue of the Americas in 2013.
That’s more good news for 245 Park Avenue. The building recently secured an $800 million refinancing from the Bank of China, which some took as a sign that credit markets are enjoying a November thaw. The 1.8 million-square-foot Brookfield Properties building is also home to Major League Baseball.
CB Richard Ellis represented both sides of the transaction. Bloomberg got news of the deal from a staff memo.