German Bank Nord/LB Relocating to 17K SF at 505 Fifth Avenue

reprints


German bank Norddeutsche Landesbank-Girozentrale (Nord/LB) will relocate its North American headquarters from the Grace Building to 505 Fifth Avenue, Commercial Observer has learned.

Nord/LB signed a 15-year lease for 17,282 square feet on the entire seventh and eighth floors of the 26-story building between West 42nd and West 43rd streets, according to landlord brokers JLL. Asking rents in the building range from $78 to $88 per square foot, as CO previously reported.

SEE ALSO: Prestige Marketplace Opening First Queens Location in LIC

The bank, one of the largest in Germany, currently has its North American home base a block away at the Grace Building at 1114 Avenue of the Americas. It’s planning on occupying its new 505 Fifth digs as soon as possible and has already moved into temporary space in the building, according to JLL.

It will join pharmaceutical company Mesoblast, investment bank Brean Capital and income investment firm Brownstone Investment Group, which all recently leased space in the 298,000-square-foot building.

“Nord/LB joins a roster of leading corporate tenants in this elegant, centrally located tower,” JLL’s Diana Biasotti said in a statement. “This transaction continues the leasing momentum in the building and demonstrates the enduring appeal of ideally located, superior-quality space.”

Biasotti represented the landlord, Stawski Partners, along with colleagues Paul Glickman and Kyle Young. John Johnson of Savills handled the deal for Nord/LB. A spokesperson for Savills did not respond to a request for comment.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.