The Real Deal New York

City National Bank doubles space at Waterman’s 400 Park

Early renewal, expansion takes bank's total to 64K sf
October 15, 2015 12:55PM

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