Leases  ·  Office

Korea’s Shinhan Bank America Relocating to 32K SF at 475 Park Avenue South


Shinhan Bank America has nailed down 32,250 square feet at Cohen Brothers Realty‘s 475 Park Avenue South in Midtown South, Commercial Observer has learned. It will relocate there from 330 Fifth Avenue in the third quarter of this year, according to a spokesman for the landlord.

Korea’s second-largest bank will occupy the entire fourth and fifth floors of the 35-story, 449,437-square-foot office tower between East 31st and East 32nd Streets via a 15-year lease. Per a release, Cohen Brothers’ Marc Horowitz said the asking rent for the two floors was $70 per square foot. He represented the landlord in the deal along with David Glassman of Colliers (CIGI) International. Spokespeople for Glassman didn’t immediately provide a comment.

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Norman Bobrow and Soon H. Rhee of First New York Realty Brokers represented Shinhan Bank in the deal. They didn’t immediately respond to a request for comment.

Headquartered in Seoul, South Korea, Shinhan Bank is part of Shinhan Financial Group.

CO reported in 2017 that business advisory firm the Millennium Alliance agreed to take 10,000 square feet, or the entire 31st floor, at the building.