The Real Deal New York

Silicon Valley Bank gobbles up 20K sf at 387 PAS

Tech-focused California banking firm leaving Stawski Partners' 505 Fifth Avenue

July 28, 2016 09:32AM

387 park avenue south

Rendering of 387 Park Avenue South (credit: TF Cornerstone)

Silicon Valley Bank is doubling its footprint in Manhattan and setting up shop closer to its technology-based clients.

The bank signed a lease for 20,000 square feet at TF Cornerstone’s newly-renovated 387 Park Avenue South, where asking rents touch $78 per square foot.

Silicon Valley Bank will sublease its existing 10,400 square feet at Stawski Partners’ 505 Fifth Avenue until its new office is ready, Crain’s reported.

The area around Madison Square Park has become a hotbed for startups and technology companies in recent years. And TF Cornerstone TRData LogoTINY has capitalized on that demand at its 12-story, 222,000-square-foot property, which was renovated in 2014.

Criteo, a French advertising tech firm, has about 60,000 square feet across four floors of the building. Other tenants include Citi Habitats and Regus.

Matthew Leon, a broker with Newmark Grubb Knight Frank, represented TF Cornerstone in the deal alongside TF Cornerstone’s in-house broker, Chip Sealy. Robert Tunis and Eric Ferriello of Collier’s International represented Silicon Valley Bank in the lease deal.

Andrew Singer and Kathleen McSharry of The Singer & Bassuk Organization were nominated for a REBNY “Ingenious” award in April for arranging a $100 million refinancing on TF Cornerstone’s TAMI-focused property, which at the time was half-vacant. [Crain’s]James Kleimann

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