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

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers