The Real Deal New York

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

Commercial lender re-ups 150K sf for 15 years
By Rich Bockmann | March 05, 2018 01:00PM

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.