While some banks are shrinking their floor plates, Bank of America is remaining in its 8,888-square-foot space at the base of a residential building at 1066 Lexington Avenue between East 75th and East 76th Streets, Commercial Observer has learned.
BofA has renewed 6,768 square feet of ground-floor retail space and 2,120 square feet of back-office type space on the lower level, according to information provided by Newmark Knight Frank. The deal is for 10 years with no firm asking rent, a spokesman for the brokerage indicated. Average asking rents in the area average $300 per square foot.
NKF’s Tom Citron and Ethan Berenzweig represented the landlord, Patrician Associates, in the transaction while CBRE’s Stephen Sjurset represented the bank.
“While other banks have started to reduce their square footage, Bank of America showed incredible foresight by electing to remain on the Upper East Side and investing in the retail submarket,” Citron said in a prepared statement. “While the retail landscape on the Upper East Side has changed, it is still one of the wealthiest zip codes in the United States.”
Sjurset declined to comment via a company spokeswoman.
The 16-story residential co-op at 1066 Lexington Avenue, erected in 1961, is comprised of 103 units, according to CoStar Group.