Crédit Agricole, SVB Leerink Ink Deals at 1301 Avenue of the Americas
By Nicholas Rizzi September 9, 2021 4:06 pm
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Investment banks Crédit Agricole and SVB Leerink inked deals in Paramount Group’s 1301 Avenue of the Americas, the landlord announced.
In the larger of the two deals, French bank Crédit Agricole signed a new lease for 167,000 square feet to keep its New York headquarters in the 45-story property, also known as the Crédit Agricole CIB Building, according to the landlord.
A spokesperson for the landlord did not respond to a request for the terms of the deal.
The lease shrinks Credit Agricole’s offices in the building, where it’s long been headquartered, from its previous 240,000-square-foot presence in the tower, a source with knowledge of the deal said.
Paul Ferraro and Deb Van Der Heyden, formerly of JLL but now at Cushman & Wakefield, represented Credit Agricole in the deal, the source said. It’s unclear who handled it for the landlord. A C&W spokesperson declined to comment.
In the second deal, Boston-based investment bank SVB Leerink signed a lease to renew and more than double its presence in the building to 112,000 square feet, according to Paramount.
SVB previously occupied 40,811 square feet on the entire 12th floor of the property, and the new 13-year deal gives it 71,380 square feet, including on the entire 13th floor and part of the sixth floor, the source said. Asking rent was in the $70s per square foot.
Savills’ Erik Schmall and Scott Weiss represented SVB in the deal. A spokesperson for Savills did not immediately respond to a request for comment.
“These two significant commitments by discerning and high-quality tenants demonstrate the importance of 1301 Avenue of the Americas’ central location and superior property attributes,” Peter Brindley, head of real estate for Paramount, said in a statement. “With these lease signings, Credit Agricole CIB continues to utilize the building as the headquarters for its Americas operations, and SVB Leerink more than doubles its footprint in the building.”
The 1.7 million-square-foot building between West 52nd and West 53rd streets was 71.5 percent leased as of June 30, and the landlord nabbed an $860 million refinance from Wells Fargo and Morgan Stanley on the property in August.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
