Modern Bank Relocating to 250 West 55th Street
Al Barbarino Feb. 26, 2014, 7:30 a.m.
Modern Bank has inked a 13,200-square-foot lease on the 15th floor of Boston Properties’ 250 West 55th Street in a relocation from 667 Madison Avenue, sources said.
The one-million-square-foot, 38-story office tower, designed by SOM, completed last year and conceived as a contemporary take on the firm’s mid-century Lever House, has attracted a string of tenants relocating from buildings deemed impressive in their own right.
“If you consider that 667 Madison is among the crème de la crème of Manhattan trophy buildings, with great appeal to boutique financial firms, this move is a huge validation of 250 West 55th Street,” said Peter Turchin of CBRE, who leads the property’s leasing team, in a statement sent to Commercial Observer.
Mr. Turchin noted that 667 Madison Avenue, at the corner of Madison Avenue and East 61st Street in the Plaza District, commands rents at the top tier of the Manhattan office market; though a CBRE spokesperson was unable to reveal precise asking rents for the space at 250 West 55th, indicating a range between $77 and $110 per square foot.
The aging building stock of Midtown East could will have trouble competing with such buildings, said Christie Harle, another member of the CBRE leasing team, noting 14-foot slab-to-slab heights, column-free interiors, state-of-the-art infrastructure and an LEED-Gold rating at the new building.
Modern Bank, created in 2005, provides customized commercial and personal banking solutions to entrepreneurs in New York’s leading industries, specializing in leveraged finance, commercial real estate and international private banking. Its relocation is characteristic of a broader shift of boutique financial services firms expanding west in Midtown Manhattan.
“The move across town ended up being a very easy decision,” said Damian Kozlowski, president and CEO of Modern Bank, in a statement. “The area is developing into one of New York’s preeminent commercial and entertainment centers, while the building is equal to or better than any new construction in Manhattan.”
The bank joins tenants Soros Fund Management, which is relocating from 888 Seventh Avenue; Morrison Foerster, relocating from 1290 Avenue of the Americas; and Kaye Scholer, relocating from 425 Park Avenue.
Craig Reicher of CBRE represented Modern Bank.