Investment Arm of Candian Bank Takes 215K SF at 4 Times Square
BMO (BMO) Capital Markets, the investment subsidiary of the Montreal-based bank, will move its New York City offices next door to 215,000 square feet at 4 Times Square, in one of the largest leases of the year, landlord the Durst Organization announced today.
The firm signed a 15-year lease for the ninth and 29th to 33rd floors in the 52-story tower between West 42nd and West 43rd Streets, also known as 151 West 42nd Street, taking over office space from Condé Nast and law firm Skadden, Arps, Slate, Meagher & Flom, according to a Durst Organization release. Asking rent in the deal was $85 per square foot for the bottom floor and $105 per square foot for those above, a Durst spokesman said.
“The large and efficient floors at the property allow for flexible office designs which have attracted tenants from numerous industries,” Jonathan “Jody” Durst said in a statement. “BMO Capital Markets is an industry leader and a dynamic and creative company. They have been a terrific partner throughout this process and we are proud that they have chosen 151 [West 42nd Street] as their New York headquarters.”
BMO plans to move into its new digs in the third quarter of 2020 and ditch its offices at Rudin Mangement’s 3 Times Square, according to the release. It will use the 44,131-square-foot ninth floor—formerly occupied by media company Condé Nast—as its trading floor for more than 400 people. The rest of the space in the deal is currently occupied by Skadden and will be used for offices.
Colliers (CIGI) International’s Joseph Cabrera, David Glassman, Timothy Kuhn and Brendan Cavender represented BMO in the deal while Durst’s Tom Bow, Rocco Romeo and Tanya Grimaldo handled it in-house for the landlord.
“After a thorough search of properties throughout the entire Manhattan market, BMO realized the recent improvements, infrastructure, amenities and the location of 151 West 42nd Street made it the ideal solution,” Cabrera said in a statement. “The relationship between BMO and the Durst Organization has been professional and spectacular since the beginning and will continue to grow stronger.”
The 1.8-million-square-foot building opened in 1999 with Condé Nast and Skadden taking the entire building. In 2014, Condé Nast announced it would leave its 817,000-square-foot space for Durst’s 1 World Trade Center while Skadden said it would leave its nearly 600,000-square-foot space in 2020 for 1 Manhattan West.
BMO will become the biggest tenant in the tower when it moves in, beating out Nasdaq which took 145,000 square feet in February 2018, as Commercial Observer previously reported.