Bain & Company Takes 235K SF at Milstein’s 22 Vanderbilt
The deal was part of 460,000 square feet signed in the property recently
By Mark Hallum May 13, 2024 11:56 am
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Leasing at Milstein Properties’ 22 Vanderbilt is finally picking up momentum after a costly renovation and the exit of key tenants in recent years.
Since partnering with Brookfield Properties on a leasing effort last year, consulting firm Bain & Company has now signed a 235,200-square-foot deal across four floors of the 29-story building. The move will almost double the size of Bain’s office footprint in a relocation from 1114 Avenue of the Americas, according to the landlord.
The New York Post first reported the deal, which was accompanied by four other sizable leases at 22 Vanderbilt.
TD Securities signed a lease for 80,000 square feet to occupy floors 20 and 21. A spokesperson for the landlord said it was a relocation, though it’s unclear which of TD’s current New York City offices it will move from.
TD Securities, the investment arm of TD Bank, leased about 77,000 square feet in January 2023 at 125 Park Avenue and also has a 171,000-square-foot main office at One Vanderbilt.
Meanwhile, international law firm Duane Morris also signed an 80,000-square-foot deal to occupy the 22nd and 23rd floors and relocate from 1540 Broadway, according to the landlord.
On the 27th floor, wealth management firm Alti Tiedemann Global inked a 40,000-square-foot lease with plans to relocate from 520 Madison Avenue, Milstein said.
Finally, global law firm Kennedys will relocate its New York office from 570 Lexington Avenue to a 25,000-square-foot space on the 24th floor, according to the landlord.
Brookfield declined to disclose the length of the leases but asking rent in the building ranges between $105 to $120 per square foot, according to CBRE (CBRE).
“The building’s success and leasing momentum underscore its reputation as the premier destination for businesses seeking the competitive advantage of offering an incomparable daily experience,” Damon Lopez-O’Dwyer, chief operating officer of Milstein Companies, said in a statement. “22 Vanderbilt sets a new standard for the modern office, delivering high-design amenities and a full-service hospitality program with direct access to Grand Central Terminal.”
Paul Amrich, Neil King, Jeffrey Fischer, Sacha Zarba and Meghan Allen of CBRE negotiated on behalf of the landlord along with Duncan McCuaig, David Caperna and P.J. Massey of Brookfield.
It is the building’s “culture and amenitization” that is drawing tenants, according Amrich.
Bain & Company was represented by John Maher, Chris Corrinet and Paul Myers at CBRE. CBRE’s Ryan Alexander, Matthew Saker and Nicole Marshall brokered the deals for TD and Alti Tidemann. Bill Iacovelli and Conor Denihan, also of CBRE, handled the lease for Duane Morris.
Gabe Marans, Perry Kaplan and Maxine Rosen from Savills represented Kennedys in its deal.
A spokesperson for Savills did not immediately respond to a request for comment.
Starting in 2019, Michael Milstein, son of Howard Milstein, invested $250 million in the renovation of the building, which was originally known as 335 Madison Avenue and was the New York City headquarters of Bank of America from the 1980s until just before the pandemic. After an attempt to pitch the property to tech tenants — which Facebook later vacated 40,000 square feet in — Milstein rebranded it to 22 Vanderbilt in 2022 to cash in on SL Green Realty’s nearby hit, One Vanderbilt.
Mark Hallum can be reached at mhallum@commercialobserver.com.
