Wealth Management Firm Corient and Customers Bank Expand at 101 Park Avenue
By Mark Hallum October 1, 2024 9:00 am
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Two tenants are expanding by an entire floor at H.J. Kalikow & Company’s 101 Park Avenue, Commercial Observer has learned.
Wealth management firm Corient added 24,600 square feet, for a total of 74,000 square feet, in the building. Meanwhile, Customers Bank also took an additional 24,600-square-foot floor plate, boosting its presence to 37,000 square feet, according to the landlord and its broker Cushman & Wakefield (CWK).
C&W did not disclose the length of the leases. Asking rent in the building is $105 per square foot. 101 Park Avenue is on East 41st Street, one block south of Grand Central Terminal.
“Strong ownership combined with an unparalleled property offering prime location, accessibility and best-in-class amenities has driven remarkable leasing success, with these expansions highlighting the long-term commitment of our tenants and underscoring the enduring value and attractiveness of 101 Park Avenue as a premier workplace destination,” C&W’s John Cefaly, who negotiated on behalf of the landlord with Nicholas Dysenchuk, said in a statement.
Avison Young’s Mark Robbins and Evan Foley represented Corient in the deal while Customers Bank had in-house representation. Avison Young and Customers Bank did not respond to requests for comment.
Corient moved into the building in 2023 while Customers Bank occupied its space beginning in 2023, according to C&W.
The expansion deals follow in the wake of bad news in early September for H.J. Kalikow that it will be losing Morgan Stanley and Tiger Management, which together occupy a total of 102,000 square feet, at 101 Park Avenue.
The landlord has owned the 1.3 million-square-foot property since it was built 1982 , and the exits could triple the vacancy rate in the building.
Other remaining tenants in the building include Canadian wealth management firm CI US Holdings, which signed a 50,000-square-foot lease in January 2023; private equity firm Incline Equity Partners, which inked an 18,000-square-foot deal the same month; and indoor golf company Five Iron Golf, which took 30,000 square feet in September 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
