Leases  ·  Office

Modern Bank Inks One-Year Extension at Boston Properties’ 250 West 55th Street


Modern Bank has signed a 13,203-square-foot one-year renewal at Boston Properties250 West 55th Street, the tenant’s broker CBRE announced yesterday.  

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.

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In 2014, the company relocated there from 667 Madison Avenue between East 60th and East 61st Streets, as Commercial Observer reported at that time.

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.

Real estate investment firm Fairstead Capital recently signed a 15,050-square-foot deal to relocate to part of the 35th floor of 250 West 55th Street, as CO has reported.

Other tenants at the nearly 1-million-square foot building, which Boston Properties developed in 2013, includes legal firms Kaye Scholer, Watson Farley & Williams and Morrison & Foerster.

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.