Wells Fargo Expanding—Again—at SL Green’s 100 Park
Jotham Sederstrom Feb. 3, 2011, 4:29 p.m.
100 Park Avenue
Perhaps nobody has told Wells Fargo that the United States-and the rest of the world-has been in the midst of an economic downturn. Indeed, during the past three grueling years, Wells Fargo Trade Capital, a subsidiary of Wells Fargo Bank, has expanded its office space at 100 Park Avenue three times. And keeping with its rosy outlook, the group announced yesterday its fourth expansion deal, this time for an additional 34,044 square feet on the trophy building’s entire 14th floor.
The subsidiary, which focuses on asset-based lending, now occupies 102,805 square feet at the 36-story, SL Green-owned building, making it among the REIT’s largest tenants. The leasing activity comes on the heels of SL Green’s $72 million redevelopment of 100 Park, which was named by the Building Owners and Managers Association as ‘Best Renovated Building’ of 2009.
James Travers and Jim Fish of Travers Realty Corp. represented Wells Fargo Trade Capital in the transaction, and Paul Glickman, Tara Stacom, Mitti Liebersohn, Alex Chudnoff, Diana Biasotti and Jonathan Tootell of Cushman & Wakefield represented SL Green in the deal. “This transaction included the simultaneous take-back of the floor from another tenant which had seven years of remaining lease term,” said Steven Durels, a top SL Green executive, in a statement. Mr. Durels (pictured) added that SL Green, the city’s largest office landlord, “is delighted to have been able to accommodate Wells’ continued growth.”