China Merchants Bank Stays Put at 535 Madison Avenue
By Rebecca Baird-Remba February 12, 2024 1:49 pm
reprints
China Merchants Bank has decided to extend the lease for its offices at 535 Madison Avenue in Midtown, where it has maintained its New York branch since 2008.
The financial institution inked a 15-year lease extension for 43,060 square feet across the entire 17th, 18th and 23rd floors, according to Cresa, which represented the bank. A spokesperson for the brokerage declined to provide the asking rent for the space.
Cresa’s Michael Goldman, Barry Spagna and Erik Sznip handled the deal for the tenant. CBRE’s Brian Gell and Laurence Briody represented the landlord, Park Tower Group, and didn’t immediately return a request for comment via a spokesperson.
“For nearly a year, our team met with the bank’s executive management in New York to determine the best courses of action before their lease expired,” Goldman said in a statement. “After thorough building tours of triple Class A space in the Midtown Plaza district, we collectively determined the best option was to extend their lease at 535 Madison Avenue.”
China Merchants Bank moved into the building in 2008, when it occupied 14,000 square feet. It has gradually expanded over the years to become the 37-story property’s largest tenant.
Other tenants in the 444,000-square-foot building between East 54th and East 55th streets include investment firm Bain Capital, law firm Sullivan & Cromwell and investment adviser Electrum Group. Law firm Fried Frank also expanded at the property in late 2022.
Marian Klein, the president of Park Tower, said in a statement that the lease renewal “is a testament to the deep and long-standing relationships we foster with our tenants, the superior quality of this building, and the best-in-class services we pride ourselves on.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobersver.com.
