Los Angeles-Based Bank More Than Doubles Park Avenue Offices

400 Park Avenue.
400 Park Avenue.

City National Bank signed an early renewal and expansion for an additional 35,929 square feet in the 21-story office and retail building at 400 Park Avenue, Commercial Observer has learned.

The deal brings the bank’s office to 64,000 square feet in the 270,000-square-foot property between East 54th and East 55th Streets, including a ground-floor retail space. The length of the deal was not immediately available.

Asking rent in the deal was $80 per square foot, according to a spokesman for Waterman Interests, which acquired a 75-year ground lease for the building in August 2010 from RFR Realty, as CO previously reported.

Alan Bernstein represented Waterman Interests in-house in the transaction, while a CBRE team of Lynn Williams, Scott Gamber and Jeffrey Welch represented City National Bank. A spokeswoman for CBRE did not respond to a request for comment.

Waterman Interests took control of the building five years ago. The company spent $16 million to revitalize it with upgrades including redesigning the Park Avenue entrance, lobby and storefronts. Also, the firm installed a new HVAC plant, upgraded elevators and placed new windows.

“Since our acquisition, the property has been in a constant state of redevelopment, with lease expirations providing a great opportunity to modernize most of the original base building infrastructure,” Michael Keaveney of Waterman Interests said in prepared remarks.

Developer Ceruzzi Properties signed a lease to expand its offices at 400 Park Avenue to 15,591 square feet, as CO reported last month. Also, Philadelphia Financial recently signed a lease for 7,041 square feet of space in the building.

Other tenants in the property include W Capital Partners, Malayan Banking Berhad, Fieldpoint Private Bank, SK Capital Partners and Artemis Real Estate Partners.  

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