The Real Deal New York

City National Bank doubles space at Waterman’s 400 Park

Early renewal, expansion takes bank's total to 64K sf

October 15, 2015 12:55PM

400 Park Avenue

400 Park Avenue in Midtown

City National Bank is more than doubling its office space at 400 Park Avenue after signing an early lease renewal and expansion at the 21-story Midtown office building.

The Los Angeles-based bank is taking an additional 36,000 square feet at the 270,000-square-foot property, located between East 54th and East 55th streets. The deal takes City National’s total space in the building to 64,000 square feet, including a ground-floor commercial space.

Asking rent in the deal was $80 per square foot, according to the New York Observer. Waterman Interests is the landlord, having acquired the leasehold on the building from Aby Rosen’s RFR Realty in 2010 and signing a new 75-year master lease with owners Benenson Capital in 2013.

After Waterman assumed control of the building, it spent $16 million on upgrades to the property including a redesign of its Park Avenue entrance, lobby and storefronts. The landlord also installed a new HVAC plant and upgraded the elevators and windows.

Waterman, led by founder and managing member Philip Waterman III, teamed with USAA Real Estate to acquire a pair of Garment District properties for $118 million earlier this year. [NYO] — Rey Mashayekhi