CIT Group renews early at Tishman Speyer’s 11 West 42nd Street

Commercial lender re-ups 150K sf for 15 years

New York /
Mar.March 05, 2018 01:00 PM

From left: CIT CEO Ellen Alemany, Rob Speyer and 11 West 42nd Street (Credit: CIT, Getty Images and Tishman Speyer)

Commercial lender CIT Group inked an early renewal for its Midtown offices at Tishman Speyer’s 11 West 42nd Street, sources told The Real Deal.

CIT renewed roughly 150,000 square feet it occupies on the 11th through 14th floors for 15 years at the 32-story building overlooking Bryant Park, sources told TRD. The original lease was set to expire in 2021.

A spokesperson for CIT confirmed the deal and called the New York City headquarters a “key center for our commercial businesses.”

Tishman Speyer declined to comment through a spokesperson.

Asking rents in the nearly 1 million-square-foot building range from $55 to $75 per square foot.

CIT moved its corporate headquarters from Livingston, New Jersey to Manhattan in 2005 when it inked a lease at Stawski Partners’ 505 Fifth Avenue. The next year it inked a deal to open offices at Tishman’s building between Fifth and Sixth avenues.

CIT, along with Germany-based bank Helaba, provided Aurora Capital Associates and Vornado Realty Trust with a $90 million construction loan for their 61 Ninth Avenue office development in the Meatpacking District.

Newmark Knight Frank’s Chris Mongeluzo, Eric Zemachson and Noel Flagg represented CIT in the renewal. Samantha Augarten and Gregory Conen at Tishman represented the landlord in-house.


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

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

Loading...