Modern Bank Inks One-Year Extension at Boston Properties’ 250 West 55th Street
The privately owned bank, which provides financing to companies across a wide range of industries including commercial real estate, has occupied part of the 15th floor of the 38-story building between Eighth Avenue and Broadway for nearly three years. The asking rent in the deal was not immediately clear.
Craig Reicher and James Ackerson of CBRE represented the tenant, while Boston Properties handled the deal in-house. A spokeswoman for CBRE declined to comment or provide further details on the transaction, and a Boston Properties’ spokeswoman did not immediately returned a request for comment about the deal. A call to Modern Bank was not returned.
Qatari news agency Al Jazeera America terminated an 85,000-square-foot lease at the building last year when it decided to close up shop in the United States. It cost $45 million to terminate the lease early, as CO reported.