Webster Bank Expands at 360 Lexington Avenue
By Celia Young March 10, 2022 1:46 pm
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The Connecticut-based bank Webster Bank snagged another 8,099 square feet at 360 Lexington Avenue, bringing its office footprint in the Murray Hill building to 30,621 square feet, Commercial Observer has learned.
Webster signed a 10-year deal for the space last month, giving the bank two full floors at the Savanna-owned property at the northwest corner of Lexington Avenue and East 40th Street, according to the landlord. Asking rent was around $69 per square foot, per JLL (JLL)’s Kip Orban, part of the team that represented Savanna in the deal.
“It made sense for Webster to expand their footprint,” said Orban. “[The building] is close to Grand Central [Terminal], super easy for commuters and we were able to accommodate their growth.”
Webster previously had the entire fifth and part of the sixth floor, and will move into its additional sixth-floor space in the fall, after the landlord builds it out, said Orban.
The 24-story office tower is also home to construction management firm Plaza Construction, which took 14,405 square feet at the building in October 2020, law firm Ganfer & Shore and ad agency MMGY Global.
“The Webster expansion deal is one of several significant transactions since Savanna took ownership of the property,” Linhadley Eljach, vice president at Savanna, said in a statement. “We’ve seen strong leasing activity at 360 Lexington.”
Savanna bought the 268,383-square-foot property in 2019 from AEW Capital Management for $180 million, and has since spent $20 million renovating the lobby, improving the air quality and adding pre-built office spaces, the landlord said. The renovation to the building was another reason Webster decided to stay, Orban said.
Alongside Orban, JLL’s Mitchell Konsker, Barbara Winter, Benjamin Bass and Thomas Swartz handled the deal for Savanna. JLL’s Martin Horner, Jeff Szczapa and Drew Saunders represented Webster Bank.
Celia Young can be reached at cyoung@commercialobserver.com.
