National Bank of Kuwait Renews 19K SF at 299 Park Avenue
The National Bank of Kuwait has agreed to extend its stay at 299 Park Avenue after inking a renewal for its 18,688 square feet of space at the Midtown office tower.
The bank signed a 10-year lease to keep its offices on part of the 17th floor at the 42-story, 1.2-million-square-foot building between East 48th and East 49th Streets, landlord Fisher Brothers announced today. The financial institution’s New York City branch has been located at 299 Park Avenue since 1993.
Asking rent in the deal was $95 per square foot. Fisher Brothers’ Marc Packman and Charles P. Laginestra represented the landlord in-house, while the tenant was also represented internally.
In a statement, Fisher Brothers Partner Ken Fisher called the National Bank of Kuwait “a valued tenant for nearly 25 years,” and said the bank was drawn to “Fisher Brothers’ legendary level of service as well as the tower’s premier address.”
The National Bank of Kuwait could not immediately be reached for comment.
Fisher Brothers has secured a slew of financial industry tenants to leases at 299 Park Avenue as of late. Financial services firm B. Riley Financial recently agreed to a 29,000-square-foot deal to relocate to a new floor within the building, as Commercial Observer reported last week, while the likes of commodities trader Traxys Group, hedge fund King Street Capital Management and asset manager Varagon Capital have all signed sizable leases in recent months. Other financial services tenants at the property include UBS and Capital One.
Work is slated to commence later this year on a $20 million capital improvement program at 299 Park Avenue; the Rockwell Group-helmed renovations are expected to yield a redesigned lobby and building entrance, as well as an illuminated plaza backed by a new exterior lighting system, according to Fisher Brothers.