The Real Deal New York

Visa swipes in at 277 Park Avenue

Credit card processor inks 25K sf lease at Stahl’s Plaza District tower

June 02, 2016 04:10PM
By Rich Bockmann

277 Park Avenue

277 Park Avenue

If the Stahl Organization were looking for a slogan for its 2.1 million-square-foot office tower at 277 Park Avenue, it could try, “Everywhere you want to be.”

Financial services firm Visa, best known for its branded debit and credit cards, inked a lease for the full, 25,000 square-foot 50th floor near the top of Stahl’s Plaza District tower, sources told The Real Deal.

The asking rent for the 10-year deal was $125 per square foot.

A team at Cushman & Wakefield including Peter Occhi, Mark Boisi and James Frederick represented the landlord. David Hollander and Nick Bates at CBRE negotiated the deal on behalf of Visa.

The brokers declined to comment.

The space, which boasts dramatic double-height ceilings, became available for the first time in half a century two years ago as one half of a 50,000 square-foot penthouse on the 49th and 50th floors. That was when the Continental Grain Company relocated to the General Motors Building at 767 Fifth Avenue.

The 49th Floor remains on the market, according to CoStar.

Back in 2014, Visa dropped the “It’s” from the company’s popular slogan, abbreviating it to simply: “Everywhere you want to be.”

The company is relocating from the William Kaufman Organization’s 777 Third Avenue, where it currently occupies 10,810 square feet on part of the building’s 23rd Floor. That space is now available for sublease, with a term running through 2023.

277 Park is also home to Stahl’sTRData LogoTINY headquarters.

Other tenants in the building include JP Morgan Chase, which has 571,000 square feet in the tower, and Sumitomo Mitsui Bank Corporation, a subsidiary of Japan’s fourth-largest bank.

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