TD Bank Expands by 26K SF at SL Green’s 125 Park Avenue
By Mark Hallum October 7, 2024 11:22 am
reprints
TD Bank is tacking on an extra 26,255 square feet to its already enormous office in Midtown.
The financial institution, which mostly uses SL Green Realty’s 125 Park Avenue as a base of operations for its investment banking, will now occupy 130,057 square feet after signing a 10-year deal for the eighth floor of the building, according to the landlord.
SL Green did not disclose the asking rent, but during the tenant’s last expansion in 2023 the asking rent was $70 per square foot, Commercial Observer reported at the time.
TD Securities, the investment banking arm of TD Bank, signed a deal for 52,540 square feet on the 19th and 20th floors of 125 Park Avenue in 2018, around the same time that the bank was committing to space in SL Green’s One Vanderbilt.
The most recent expansion brings TD’s footprint to 130,057 square feet in 125 Park alone and 273,000 square feet throughout its portfolio in both buildings.
The New York Post first reported the deal.
“As one of the fastest-growing tenants within the SL Green portfolio, we are delighted to facilitate TD Bank’s ongoing expansion at 125 Park Avenue,” Steven Durels, executive vice president at SL Green, said in a statement. “Achieving full building occupancy is further confirmation of the strength of the Park Avenue corridor and increasing tenant desires to be located near Grand Central Terminal.”
Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall of CBRE (CBRE) represented the tenant in the transaction while Brian Waterman, David Falk, Peter Shimkin and Daniel Levine of Newmark (NMRK) negotiated on behalf of SL Green.
Newmark and CBRE did not immediately respond to requests for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
