The Real Deal New York

Waterman repositions Park Avenue tower following Syms departure

June 19, 2012 08:30AM

Tod Waterman and 400 Park Avenue

Waterman Interests has proven successful in its stated goal of transforming the former Syms space on Park Avenue into a home for financial firms. The New York Post reported that Los Angeles-based City National Bank has inked a 45,000-square-foot lease for retail and office space at 400 Park Avenue. The 15-year deal includes a renewal of CNB’s 15,000 square feet on the seventh floor, and includes a 5,400-square-foot ground-floor retail space, 15,000 square feet on the second floor and concourse space. Waterman expects CNB to create a dramatic two story entrance to the retail space near the East 54th Street space. Asking rents in the building run between $75 and $95.

“[CNB] should define this corner and building for a very long time,” Waterman principal Tod Waterman told the Post. “It’s exactly the kind of franchise we think is indicative of the value of the property and the neighborhood.”

With the deal, Waterman is left with only floors three through five of the former seven-story Syms space. A total of 60,000 square feet is available throughout the 250,000-square-foot office tower Waterman acquired in 2010 for $35 million. [Post, 1st item]

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