U.S. Bank is moving its Midtown headquarters to Ivanhoe Cambridge and Callahan Capital Partners’ 3 Bryant Park at 1095 Sixth Avenue, subleasing nearly 69,000 square feet from departing insurance giant MetLife.
The financial services firm is relocating from SL Green Realty’s 461 Fifth Avenue to the 1.2 million-square-foot tower, the Wall Street Journal reported. U.S. Bank’s new digs are roughly the same size, but the space is more efficient and set across multiple floors, said Cushman & Wakefield’s Michael Burlant, who brokered the deal on behalf of the bank. A Cushman team led by Bruce Mosler represented MetLife in the deal.
U.S. Bank’s sublease will expire in 2029, when MetLife’s lease expires. The rent was not disclosed.
MetLife currently leases about 400,000 square feet at the Bryant Park office tower, but is expected to move into its namesake building at 200 Park Avenue early next year. It subleased 300,000 square feet to San Francisco-based business software company Salesforce, which replaced the signage at 1095 Sixth.
Ivanhoe Cambridge , the real estate investment arm of Quebec’s public pension plan, and Chicago-based fund manager Callahan, bought the tower from the Blackstone Group in January of last year for $2.2 billion. The pair sold a 49 percent stake in the building to an investment fund controlled by Hong Kong’s central bank for $1.15 billion in August. The new transaction values the 41-story tower at $2.35 billion. [WSJ, 3rd] — Chava Gourarie