PNC Bank has reached a deal to expand the New Jersey-based firm’s New York City office by 10,000 square feet.
The company currently occupies 45,000 square feet at 340 Madison Avenue, owned by RXR Realty, and will pick up the additional space on the building’s 10th floor. The term of the lease is roughly 10 years, and asking rents at the property are in the $70s per square foot.
“You’re starting to see growth among tenants again, including tenants in the financial industry, which is an encouraging sign for the Midtown market,” said Bill Elder, an RXR executive who represented the landlord in the deal.
Colliers International’s Robert Tunis and Seth Hecht represented the tenant. [Crain's] — Julie Strickland