Maybank Expands at 400 Park Avenue, Continues Building’s Renaissance
The Malaysian bank Malayan Banking Berhad is expanding at 400 Park Avenue. The company commonly known as Maybank originally subleased part of the ninth floor of the 22-story building on Park Avenue at 58th Street in 1984. Now, it will move into 14,812 square feet of office space occupying the entire 11th floor in a new lease direct with owner Waterman Interests.
Daniel Horowitz and Gary Kerper of Studley represented Maybank, while Drew Isaacson represented Waterman in-house. Mr. Horowitz said that discussions had been taking place over the last year. Asking rents at 400 Park Avenue range from $80 per square foot on the base floors to $100 per square foot on the top floor.
Maybank, which counts 22 million customers in 19 countries, is “pleased with the money that the landlord is spending to upgrade the building,” Mr. Horowitz said. There are no plans for future moves or expansions. “The new installation should sustain them,” Mr. Horowitz said.
Last year, 400 Park Avenue made news when the retail giant Syms, a tenant since 1994, left and made way for Fieldpoint Private Bank & Trust, a lending specialization firm based in Greenwich, Conn. The tenant change was seen as a sign that the somewhat tattered 270,000-square-foot building was seeking the sort of white-shoe financial services client that flocks to this stretch of Park Avenue.