City National Bank doubles space at Waterman’s 400 Park

Early renewal, expansion takes bank's total to 64K sf

TRD New York /
Oct.October 15, 2015 12:55 PM

City National Bank is more than doubling its office space at 400 Park Avenue after signing an early lease renewal and expansion at the 21-story Midtown office building.

The Los Angeles-based bank is taking an additional 36,000 square feet at the 270,000-square-foot property, located between East 54th and East 55th streets. The deal takes City National’s total space in the building to 64,000 square feet, including a ground-floor commercial space.

Asking rent in the deal was $80 per square foot, according to the New York Observer. Waterman Interests is the landlord, having acquired the leasehold on the building from Aby Rosen’s RFR Realty in 2010 and signing a new 75-year master lease with owners Benenson Capital in 2013.

After Waterman assumed control of the building, it spent $16 million on upgrades to the property including a redesign of Its Park Avenue entrance, lobby and storefronts. The landlord also installed a new HVAC plant and upgraded the elevators and windows.

Waterman, led by founder and managing member Philip Waterman III, teamed with USAA Real Estate to acquire a pair of Garment District properties for $118 million earlier this year. [NYO] — Rey Mashayekhi


Related Articles

arrow_forward_ios
Waterman Interests, USAA look to sell Garment District buildings for $140M

Waterman Interests, USAA look to sell Garment District buildings for $140M

Waterman refis 400 Park leasehold

Waterman refis 400 Park leasehold

Toll Brothers sells two starchitect-designed penthouses

Toll Brothers sells two starchitect-designed penthouses

Waterman, USAA buy Garment District properties for $118M

Waterman, USAA buy Garment District properties for $118M

Waterman adds financial firms to 400 Park Avenue

Waterman adds financial firms to 400 Park Avenue

Placeholder image

Waterman inks 75-year master lease deal at 400 Park Ave.

Placeholder image

Waterman repositions Park Avenue tower following Syms departure

Placeholder image

Waterman puts 130 Prince Street on the market

arrow_forward_ios