HSBC Grows by 75,000-SF at 330 Madison
Billy Gray Dec. 11, 2013, 7:45 a.m.
HSBC expanded by 75,000 square feet at 330 Madison Avenue in a deal that gives the British bank two additional floors–the 12th and lucky 13th–at the Grand Central-area office tower.
The tenant already occupies the full fifth floor. This growth spurt will allow HSBC to relocate some divisions from 452 Fifth Avenue to Vornado‘s 742,000-square-foot property.
Crain’s reported that Peter Riguardi, the chief of Jones Lang LaSalle’s New York office, represented the tenant. A team of his JLL colleagues repped Vornado, whose Glen Weiss also helped consummate the deal.
Other tenants in 330 Madison include the investment firm Guggenheim Partners, which in late 2011 signed a 186,000-square-foot lease there. That move was a significant relocation away from 135 East 57th Street, the Cohen Brothers Realty Corporation property that at the time was experiencing a spike in vacancies. The private equity firm American Industrial Partners inked a 9,848-square-foot deal at 39-story tower last year.
In 2009, Vornado assigned Moed de Armas & Shannon Architect to re-clad the building with a new curtain wall, install a new retail space, renovate the lobby, and completely upgrade the electric and HVAC system. Vornado also installed a cogeneration plant that provides nearly half of 330 Madison’s energy needs.
Representatives for JLL could not immediately be reached for comment. Through a spokesperson, Vornado declined to comment.