Metropolitan Commercial Bank Expands to 82K SF at 99 Park Avenue

Global Holdings Management Group is pumping $30 million into amenities at 99 Park Avenue and signing three new deals.

Metropolitan Commercial Bank signed a 15-year lease to expand from 55,200 square feet to 81,979, and renewed its office space in the process, according to landlord broker JLL (JLL). Asking rent in the building was $80 per square foot as of April.

The financial institution will now occupy the 11th through 13th floors of the 26-story building between East 39th and East 40th streets.

“Today’s tenants are seeking well-located and highly amenitized spaces, and 99 Park Avenue delivers on all fronts,” Craig Panzirer, director of leasing for Global Holdings, said in a statement. “In response to this demand and our commitment to strategic investments across the portfolio, we’ve invested in a transformative capital improvement program that is already attracting and retaining the world’s leading companies looking for modern office spaces that foster innovation and collaboration.”

JLL’s Paul Glickman and Diana Biasotti negotiated on behalf of Metropolitan Commercial Bank while Kristen Morgan and Harrison Potter, also from JLL, handled the deal for Global Holdings.

Another expansion in the building involves Philadelphia-based real estate investment management firm Lubert-Adler, which signed an eight-year expansion for 7,674 square feet on part of the 19th floor. Meanwhile, wealth management firm Steward Partners signed a new 5,499-square-foot lease on the 19th floor.

Steward is currently located at 140 East 45th Street, and it’s unclear how much space Lubert-Adler currently occupies.

Noel Flagg of Newmark brokered the deal for Lubert-Adler while Steward Partners was represented by David Opper and Eddie Sisca from CBRE. Newmark and CBRE did not immediately respond to a request for comment.

Other tenants in the building include Flushing Bank, which signed a 10-year renewal for its 8,465 square feet in the building back in April, as well as Garan, a private label apparel manufacturer and subsidiary of Berkshire Hathaway, which signed a deal for 31,754 square feet in February 2022.

Some of the new amenities that will be open in 2026 include a conference center, a speakeasy, a barber shop and salon as well as a bowling alley and a golf simulator.

Mark Hallum can be reached at mhallum@commercialobserver.com.