German Bank Renews 53,000-SF Lease at Rudin’s 560 Lexington
One of the Rudin Family‘s original tenants at 560 Lexington Avenue has renewed its 53,334-square-foot lease in the East 50th Street building.
Commercial Observer has learned that Bayern LB, one of the largest banks in Germany, has signed a 15-year lease renewal for its New York headquarters comprising the entire 17th, 18th and 19th floors at the 400,000-square-foot office building. The asking rent was $70 per square foot.
“Bayern has been our tenant since we opened in 1981, and we’re delighted that this elite global financial company continues to grow its practice and maintains its New York headquarters at 560 Lexington Avenue,” said Bill Rudin, the co-vice chairman and chief executive officer of Rudin Management Company, the operating arm of Rudin Family holdings.
Rudin Management’s Thomas M. Keating represented the Rudin Family in-house, while Cushman & Wakefield‘s Donald A. DiRenzo, Fred Smith and Omar Farooq represented the tenant.
“560 Lexington Avenue is located in a prime Manhattan neighborhood—right in the heart of the Plaza District—and is currently undergoing a multi-million-dollar capital improvements program,” Mr. Smith said via a spokesman.
Rudin Management is renovating the office lobby and public plazas at 560 Lexington Avenue in a $15 million project. Last year the Rudins hired architectural firm Skidmore, Owings & Merrill to modernize the building’s pedestrian space, lobby, elevators, retail storefronts and subway entrance.
Tenants in the 100-percent occupied building include Verizon Business Services, Merrill Lynch, Mitsui Sumitomo Marine Management, Susman Godfrey, Godiva Chocolatier and Starbucks. Vodafone last month signed a lease for 34,408 square feet at 560 Lexington Avenue, doubling its current space.