Wells Fargo planning 40K sf renewal and expansion at 280 Park

Bank is in late-stage talks with landlords Vornado, SL Green
By Rich Bockmann | January 12, 2017 03:55PM

280 Park Avenue and Wells Fargo’s Timothy Sloan

Wells Fargo is in late-stage talks on a renewal-and-expansion deal that will take the San Francisco-based bank up to 40,000 square feet at 280 Park Avenue, which is set to be the home of the new Four Seasons restaurant.

The bank, which currently occupies about 28,000 square feet on the building’s 28th and 29th floors, is negotiating to take the 27th floor at the Vornado Realty Trust TRData LogoTINY and SL Green Realty-owned property, sources told The Real Deal.

Representatives for the landlords declined to comment. The asking rent in the new 10-year deal is $90 per square foot, according to a source. The co-owners have been offering discount rents to attract and retain tenants as they wrap up a $125 million renovation to the 1.3 million square foot, 43-story tower at East 48th Street.

In December, they signed the private equity firm Antares Capital to 55,000 square feet in the building. The storied Four Seasons is expected to open in 19,000 square feet at the base of the building for this year’s holiday season.

Vornado’s Andrew Ackerman is negotiation on behalf of the ownership along with a CBRE team led by Peter Turchin. Neil Goldmacher at Newmark Grubb Knight Frank is representing Wells Fargo. All the interested parties declined to comment.