ABN AMRO Inks Renewal, Expansion at SL Green’s 100 Park Avenue
Dutch bank ABN AMRO has agreed to a lease renewal and expansion at SL Green Realty Corp.’s 100 Park Avenue that will take its total space at the Midtown office tower to just over 54,000 square feet, Commercial Observer has learned.
ABN AMRO’s U.S. arm signed a 10-plus-year deal to renew 43,148 square feet of space comprising the entire 17th, 23rd and 24th floors at 100 Park Avenue, while also agreeing to take the entire 25th floor for an additional 10,889 square feet.
Asking rent in the deal was $82 per square foot, according to sources with knowledge of the transaction. The Dutch bank is expected to move into its new space on the 25th floor of the 36-story, 902,000-square-foot property—which sits between East 40th and East 41st Streets, one block south of Grand Central Terminal—in the fourth quarter of this year.
Christopher Kraus of JLL represented ABN AMRO in the deal, while a Cushman & Wakefield team of Tara Stacom, Barry Zeller, Justin Royce and Connor Daugstrup represented SL Green (SLG). Neither JLL nor Cushman & Wakefield immediately returned a request for comment.
In a statement, Steven Durels, SL Green’s executive vice president and director of leasing and real property, said the transaction represents the third time that ABN AMRO has expanded its footprint at 100 Park Avenue since moving into the building in 2009.
“We are delighted to accommodate the bank’s growth and extend a valued relationship with such a prestigious tenant,” Durels said.
SL Green invested $72 million on an extensive renovation of the 1949 office tower that was completed in 2008. Upgrades included a new glass curtain wall façade, a two-story atrium lobby, new elevators and an overhaul of the electrical and HVAC systems, as well as installation of a green roof.
Other tenants at 100 Park Avenue include Wells Fargo, accounting firm BDO, health insurer Aetna and advertising conglomerate WPP.