Santander Bank Inks 6K-SF Deal for New Branch Near Grand Central
By Isabelle Durso December 11, 2025 2:50 pm
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Santander Bank is opening a new branch a block away from Midtown’s Grand Central Terminal, Commercial Observer has learned.
The Spanish bank has signed a 15-year lease for 6,234 square feet on the ground floor of SL Green Realty’s 26-story office building at 125 Park Avenue, also known as the Pershing Square Building, according to tenant broker Reshape Retail.
The deal represents a relocation for Santander Bank, which will move from its current branch about a block northwest at 330 Madison Avenue to its new spot on the corner of Park Avenue and East 41st Street by the end of 2026.
“We are proud to welcome Santander Bank to the SL Green portfolio,” Sonya Ruddy, vice president of retail leasing at SL Green, said in a statement to CO. “There was fierce competition for this prestigious corner, further evidencing the deep demand from retailers to be located around the booming Midtown Manhattan office market.”
The asking rent was unclear, but a report from CBRE found retail rents near Grand Central averaged $633 per square foot during the third quarter of 2025.
Reshape Retail’s Fritz Kemerling and Santander Bank’s John Pell, director of real estate for New York City for the bank, brokered the deal for the tenant. Newmark’s Ross Berkowitz, Adam Weinblatt and Ariel Schuster represented the landlord.
Spokespeople for Santander Bank and Newmark did not immediately respond to requests for comment.
Santander Bank will replace the former TD Bank at 125 Park, as the latter bank focuses on shifting its focus to online banking. However, TD Bank still has a strong office presence at 125 Park, boasting 130,057 square feet at the building.
Other office tenants at the Midtown tower include brokerage Newmark, camera and printing giant Canon Solutions America, credit counseling service Gold Coast Credit Services, and financial institution Clear. Mexican restaurant Los Tacos No. 1 is also a retail tenant at the property.
Isabelle Durso can be reached at idurso@commercialobserver.com.
