Capital One Renews Flagship Branch Lease at Base of 470 PAS
By Lauren Elkies Schram February 24, 2017 4:00 pm
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Capital One is retaining the space it uses for its flagship branch at 470 Park Avenue South, Commercial Observer has learned, via a 13-year deal.
The bank has renewed its lease for 6,822 square feet at the 18-story, 227,053-square-foot Midtown South property between East 31st and East 32nd Streets, where it has been located for over 12 years.
Capital One has fully renovated the space, which includes 3,074 square feet on the ground floor, 2,800 square feet on the lower level and 948 square feet on the mezzanine. The asking retail rent on the corner is $350 per square foot.
Newmark Grubb Knight Frank Retail’s Tom Citron, Matthew Krell and Jared Lack represented the landlords, TH Real Estate (an investment affiliate of Nuveen, formerly known as TIAA Global Asset Management) and Norges Bank Investment Management, in the transaction. Barry Fishbach of RKF represented the bank in the deal. He declined to comment.
The full-block property is comprised of two structures sharing the same address—a 122,172-square-foot north building and a 227,053-square-foot south one.
“470 Park Avenue South is located on the southwest corner of 32nd Street, conveniently positioned at the entrance of the 6 train,” Citron said in prepared remarks. “Capital One’s continued confidence, displayed by their long-term commitment to this space, speaks to the strength of the Midtown South market.”
CO reported last month that Opus 3 Artists, a musician management agency, will remain in its 10,427 square feet at the building. Other tenants include professional athlete agency CAA Sports, marketing company Dstillery and online travel company Priceline.com. Retail tenants include Chipotle, Guy & Gallard and Eneslow Shoes.
The 105-year-old building is part of a $1.2 billion real estate joint venture the two investment firms formed in 2013, which included properties in New York, Boston and Washington, D.C., according to a press release at the time. TIAA paid $157 million to SL Green Realty Corp. to buy 470 Park Avenue South in November 2007, property records indicate.
