Syms vacancy helps rebrand 400 Park

As it strives to become more like its ritzy neighbors, 400 Park Avenue is bringing in Connecticut-based Fieldpoint Private Bank & Trust into 11,000 of its 270,000 square feet, just as longtime discount retail tenant Syms prepares to vacate its 70,000 square feet this fall. The New York Post reported that Waterman Interests, which acquired the building for $35 million last year, is pushing to rebrand the address in an effort to attract the sort of tenants that occupy nearby buildings. “Nothing [at 400 Park] was in alignment with its neighbors — not its occupancy rate, not its appearance, not its type of tenants,” said Tod Waterman, the firm’s founder. Waterman hopes to lease Syms’ seven-story space to a single firm, according to the Post, and will ask in the high $60s to $85 per square foot. [Post]