BNP Paribas Shrinks Midtown Offices and Renews in Jersey City
French financial giant BNP Paribas is shrinking its massive, 454,000-square-foot office footprint at 787 Seventh Avenue in Midtown and renewing 150,000 square feet at Newport Tower in Jersey City, Commercial Observer has learned.
The Paris-based international bank renewed its lease at 787 Seventh Avenue, also known as the Axa Equitable Center, and reduced its office space in the 1.7 million-square-foot office complex by nearly 132,000 square feet, sources familiar with the deal told CO. The company signed a 20-year deal for 323,000 square feet in the 54-story tower, where it has occupied 454,200 square feet across several floors for 34 years.
CommonWealth Partners and the California Public Employees’ Retirement System purchased the building between West 51st and West 52nd Streets for $2 billion in 2016, as CO reported at the time.
Across the river, BNP Paribas also renewed 150,000 square feet at Newport Tower, located at 525 Washington Boulevard in Jersey City. It first leased space in the building back in 2007, when it planned to employ 3,000 people in the New York City area.
JLL’s Peter Riguardi and Ken Siegel represented BNP in both deals and declined to comment on both. CBRE’s Howard Fiddle represented the owners in both transactions and didn’t immediately return a request for comment.
Update: This post has been updated to more accurately reflect BNP’s existing square footage.