Two Banks Ink Deals at RXR’s 230 Park Avenue

Banco de la Nación Argentina (BNA) and Comerica Bank are making moves at RXR’s 230 Park Avenue, Commercial Observer has learned.

In the largest deal, BNA, Argentina’s largest commercial bank, signed a three-year renewal for its 23,407 square feet on the entire third floor of the 35-story Midtown office building, also known as the Helmsley Building, according to RXR.

Meanwhile, Comerica Bank, a Dallas-based financial services firm, signed a six-year deal to renew its existing 7,016 square feet and expand by another 4,984 square feet, bringing its total footprint at the office tower to 12,000 square feet on the sixth floor, RXR said.

Both tenants moved into the property on the corner of Park Avenue and East 42nd Street between 2004 and 2005, RXR said. The building is also across the street from Grand Central Terminal.

Asking rents at 230 Park range from $85 to $120 per square foot, according to the landlord.

“There’s simply no better location than 230 Park Avenue, a Class A building in the heart of Midtown Manhattan,” William Elder, executive vice president and managing director of New York City leasing at RXR, said in a statement.

“With the building’s exclusive array of amenities and the promising future of the Park Avenue retail landscape, we’re focused on attracting and retaining best-in-class tenants while delivering an unparalleled tenant experience in the center of the Grand Central economic ecosystem, in a submarket that will only continue to tighten,” Elder added.

Savills’ Daniel Horowitz, Jeffrey Peck and Jacob Stern brokered the deal for BNA, while CBRE’s Brandon Fries represented Comerica Bank. RXR’s Andrew Ackerman and Walter Rooney represented the landlord in-house in both deals, while Newmark’s Scott Klau, Brian Waterman, Lance Korman, Erik Harris, Zach Weil and Cole Gendels also brokered the deal for the landlord in the Comerica Bank deal.

Newmark declined to comment, while spokespeople for BNA, Comerica Bank, Savills and CBRE did not immediately respond to requests for comment.

Other tenants of RXR’s 1.4 million-square-foot building include law firm Teitler & Teitler, health care grant funder Helmsley Charitable Trust, law firm Weinberger Singer, real estate investment company Dome Equities and renewable energy company Greenbacker Group.

News of the lease comes after the Helmsley Building saw a 40 percent decrease in value over the last three years, as CO previously reported. 230 Park was valued at $770 million in November 2024, a significant drop from its $1.3 billion value in 2021.

RXR began exploring converting portions of the office tower into different uses, including residential, following its default on a $670 million loan in July 2024, but it seems the building will remain office for the time being.

Isabelle Durso can be reached at idurso@commercialobserver.com.