KeyBank Expands to 113K SF at Elecor’s 1301 Avenue of the Americas
By Mark Hallum August 25, 2026 1:16 pm
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A major banking institution has added 15,292 square feet to its Manhattan office footprint, Commercial Observer has learned.
Keybank signed a 15-year deal to renew its existing space and expand to 112,924 square feet at Elecor Properties’ 1301 Avenue of the Americas across the entire 35th, 36th and 37th floors, as well as portions of the 28th and 38th floors, according to the landlord.
Asking rent for the Plaza District office tower was not disclosed, but the average asking rent for office space in Midtown in the second quarter of 2026 was $86.18 per square foot, according to a report from CBRE.
“As KeyBank continues to grow and adapt to the evolving needs of our business, we remain focused on providing our employees with an environment that fosters collaboration and connection,” John Manginelli, Hudson Valley and metro New York market president at KeyBank, said in a statement. “Expanding our footprint at 1301 Avenue of the Americas enables us to support that vision while positioning us for continued growth and enhanced service to our clients across the region.”
JLL’s Matthew Astrachan, Justin Haber, Kyle Riker, Adam Hill and Bob Beckstedt represented KeyBank in the transaction, while Peter Brindley, Douglas Neye and Sean Kirk handled negotiations in-house for Elecor Properties.
“This was a highly strategic transaction that addressed several priorities at once: securing more space for KeyBank’s growing businesses, keeping its teams together within one elevator bank, creating the opportunity to upgrade the existing workplace, and establishing a true New York City headquarters with prominent signage,” Astrachan said in a statement.
Other tenants in the building between West 52nd and West 53rd streets include investment bank Piper Sandler, which signed a lease for 140,000 square feet in August 2025, back when Elecor was still Paramount Group.
Michael Nierenberg’s Rithm Capital acquired Paramount Group’s 16-building portfolio and in April 2026 rebranded the former real estate investment trust as Elecor.
Mark Hallum can be reached at mhallum@commercialobserver.com.
