PNC Reups 70K SF for Bank Branch, Offices at 340 Madison Avenue
By Rebecca Baird-Remba June 3, 2022 9:05 am
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PNC Bank has renewed the lease for its offices and retail bank branch at RXR’s 340 Madison Avenue, Commercial Observer has learned.
The publicly traded, Pittsburgh-based financial institution is reupping 64,941 square feet of offices on the 10th, 11th and 12th floors of the building, along with 5,336 square feet of ground-floor retail for the bank branch, according to RXR. The landlord declined to disclose the asking rents in the five-year deal.
PNC has been in the 22-story, 750,000-square-foot building between East 43rd and East 44th Streets since 2008.
William Elder, Andrew Ackerman and Alexandra Budd handled the transaction in-house for RXR. PNC was represented by Newmark’s David Simson and David Falk. A Newmark spokesperson didn’t immediately return a request for comment.
Elder said in a statement that RXR was “excited to continue our established relationship [with PNC] with their renewal of over 70,000 square feet of office and retail bank space. 340 Madison Avenue offers modern design and amenities in the premier location of the bustling Grand Central neighborhood.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
