Waterman repositions Park Avenue tower following Syms departure

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.”

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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]