Leases  ·  Office

Citizens Bank Signs 74K-SF Office Lease at 1301 Avenue of the Americas

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Citizens Bank plans to grow its New York City office presence with a move to the Paramount Group’s 1301 Avenue of the Americas.

The Rhode Island-based bank signed a 74,000-square-foot lease at the Midtown property in a relocation from the Kaufman Organization’s 437 Madison Avenue, where it leased 17,750 square feet in January 2018, according to Paramount.

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Paramount did not disclose the length of the lease or the asking rent, but the average asking rent in Midtown was $82.89 per square foot in the fourth quarter of 2023, according to a recent CBRE report.

“This new lease builds on the momentum of recent leasing activity along Avenue of the Americas, and in our portfolio specifically,” Peter Brindley, executive vice president at the Paramount Group, said in a statement.

Paramount did not disclose the names of any brokers in the deal. Citizens Bank did not immediately respond to a request for comment.

Other tenants in the building between West 52nd and West 53rd streets include Nexstar Media Group, which subleased 68,114 square feet from tax advisory firm CohnReznick in February.

In January, law firm Smith Gambrell Russell expanded and moved floors within the building to 41,000 square feet, having moved in a decade prior.

In September 2022, corporate law firm O’Melveny & Myers downsized by 8,000 square feet in a relocation to 1301 Avenue of the Americas after signing for 142,000 square feet in the 1.7 million-square-foot office tower.

Mark Hallum can be reached at mhallum@commercialobserver.com.