Israel Discount Bank Ditching Longtime Home for Grace Building
By Nicholas Rizzi October 18, 2019 12:00 pm
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The Israel Discount Bank (IDB Bank) will move its New York City offices to the Grace Building, leaving its nearby Fifth Avenue digs after nearly six decades, the bank announced.
IDB inked a lease to take 124,300 square feet on the entire second, eighth and ninth floors of Brookfield Property Partners’ 1114 Avenue of the Americas along with parts of the 10th floor, a press release from the bank said. Asking rent was $100 per square foot, according to the New York Post, which first reported the deal.
The bank plans to move from its current home at 511 Fifth Avenue — which it has been in since 1962 — to its new digs in the 49-story Grace Tower in early 2021, according to IDB.
“As we continue executing our strategic transformation, this move will allow us to design a new, modern workspace, with better amenities and technology,” Uri Levin, the president and CEO of IDB, said in a statement. “Our goal is to build a tech-forward, open working environment that fosters teamwork and collaboration.”
Duncan McCuaig of Brookfield handled the deal in-house along with CBRE (CBRE)’s Peter Turchin. Newmark (NMRK) Knight Frank’s Lance Korman, Brian Waterman and David Berke represented IDB. Spokespeople for Brookfield, NKF and CBRE did not immediately respond to requests for comment.
Other tenants in the 1.6-million-square-foot tower between West 42nd and West 43rd Streets office product designer Humanscale, Bank of America (BAC) and television network HBO.
