Credit Suisse, which currently lease approximately 3 million square feet in Manhattan, is looking to downsize. According to the Wall Street Journal, the Swiss bank recently contacted a select set of landlords and developers, including Related Companies, Silverstein Properties and Brookfield Office Properties, seeking interest and proposals to build or lease a new home for the company.
However, Credit Suisse’s lease at Madison Square Park’s 11 Madison Avenue runs through 2017 and the building’s ownership is currently working to secure a renewal from the bank.
The Sapir Organization and CIM Group had planned to sell the Art Deco tower but CBRE’s Darcy Stacom recently told Crain’s that, “through the course of the bid we showed that it was a very likely scenario for Credit Suisse to renew. Ownership started to realize that they didn’t want to leave that money on the table.” [WSJ] –Christopher Cameron