Credit Suisse stays put at Sapir’s 11 Madison Avenue

Bank's renewal for 1.3M square feet will allow Sony to take upper floors of tower

TRD New York /
Jan.January 14, 2014 08:28 AM

Credit Suisse has renewed its mammoth lease at the Sapir Organization’s 11 Madison Avenue. The bank will, however, downsize from its current 1.96 million square feet to about 1.2 million square feet, paving the way for Sony to take about 520,000 square feet on the upper floors of the building.

In a deal worth about $1.8 billion, Credit Suisse signed a 20-year deal for the space, which had asking rents of $70 per square foot.

The bank notified its employees of the renewal on Monday, according to the New York Post, and Sony’s deal for the 19th through 28th floors is likely to be signed next week.

Sapir president Alex Sapir and CEO Rotem Rosen confirmed the deal to the Post, but declined to discuss financial terms, saying only that “this could be the biggest deal this year.”

CBRE’s Lewis Miller represented the bank, while his colleague Howard Fiddle represented Sapir. Newmark Grubb Knight Frank’s Barry Gosin and Anthony Orso of lender CCRE advised Sapir on the lease, according to the paper. CBRE’s Mary Ann Tighe is representing Sony in its relocation from the Sony Building at 550 Madison Avenue, which the Chetrit Group bought last year for $1.1 billion. [NYP] — Hiten Samtani

Correction: A previous version of this story incorrectly listed the asking rent. The asking rent in the story was $70 per square foot. 


Related Articles

arrow_forward_ios
From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen
Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
Alex Sapir and Rotem Rosen (Getty)

The Sapir & Rosen feud: Theft and betrayal at a family real estate empire

The Sapir & Rosen feud: Theft and betrayal at a family real estate empire
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Alex Sapir and Rotem Rosen (Getty, iStock)

Sapir Org slams Rotem Rosen with $100M lawsuit

Sapir Org slams Rotem Rosen with $100M lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...