Sumitomo expands at 277 Park Avenue in nine-year deal

TRD New York /
Oct.October 15, 2013 01:20 PM

Tokyo-based Sumitomo Mitsui Banking Corporation has inked a deal to add 38,249 square feet to its current sublease from the Hartford insurance company at 277 Park Avenue.

Sumitomo, which also recently picked up a space in Brookfield’s 300 Madison Avenue, will pay rent starting at roughly $50 per square foot in a deal through January 2021 for the 15th-floor space, according to CompStak data cited by the New York Observer. The space is part of the Hartford’s 94,331-square-foot sublease from JPMorgan Chase, the Stahl-owned property’s largest tenant, for which it pays in the mid-$60s.

Cresa, the Hartford’s broker representatives, had listed around 25,000 square feet of space for sublease, but Sumitomo took more than what was originally available. Jane Roundell of Cresa declined to comment to the Observer.

Roundell, along with Jones Lang LaSalle’s Robert Stella and Bill Peters, reprsented the Hartford in the deal. [NYO]Julie Strickland


Related Articles

arrow_forward_ios

WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

HFF brokers hit the ground running at JLL in New Jersey, SALT cap hurts Lower Hudson Valley housing market & more Tri-State real estate news

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

arrow_forward_ios