Wells Fargo has inked a deal to lease 275,000 square feet at 150 East 42nd Street in a 16-year deal that nearly fills the 42-story, Hiro Real Estate-owned tower, according to the Observer. The bank had previously been close to signing a 300,000-square-foot lease at 120 Park Avenue, the former Philip Morris headquarters, when Bloomberg LP swooped in to take 400,000 square feet at the building and Wells Fargo had to go back to square one. The space it has ultimately settled on, which is between Lexington and Third avenues in the coveted Grand Central submarket, is comprised of 13 floors at the building, where rents range from $55 to $75 per square foot. Wells Fargo was only likely to pay in the $50s per square foot at 120 Park Avenue, but it seems there were some sweeteners involved in this deal, including 12 months’ free rent and tenant improvements worth $75 per square foot. Eastdil Secured broker Ben Lambert was representing Wells Fargo in its search for new space. [NYO]
Wells Fargo takes 13 floors at 150 E. 42nd St.
TRD New York /
Apr.April 06, 2011 09:49 AM