City National Bank doubles space at Waterman’s 400 Park

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

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
RFR Realty's Aby Rosen, Brookfield's Ric Clark and the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen’s new landlords move to take control of Lever House

Aby Rosen’s new landlords move to take control of Lever House
Brookfield's Rick Clark and RFR Realty's Aby Rosen with the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen makes it two Lever House lawsuits in two weeks

Aby Rosen makes it two Lever House lawsuits in two weeks
Waterman Interests, USAA look to sell Garment District buildings for $140M

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

Waterman refis 400 Park leasehold
Toll Brothers sells two starchitect-designed penthouses

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, USAA buy Garment District properties for $118M
Placeholder image

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

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

Waterman repositions Park Avenue tower following Syms departure

Waterman repositions Park Avenue tower following Syms departure
arrow_forward_ios

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

Loading...