Sumitomo expands at 277 Park Avenue in nine-year deal
Tokyo-based Sumitomo Mitsui Banking Corporation has inked a deal to add 38,249 square feet to its current sublease from the Hartford insurance company at 277 Park Avenue.
Sumitomo, which also recently picked up a space in Brookfield’s 300 Madison Avenue, will pay rent starting at roughly $50 per square foot in a deal through January 2021 for the 15th-floor space, according to CompStak data cited by the New York Observer. The space is part of the Hartford’s 94,331-square-foot sublease from JPMorgan Chase, the Stahl-owned property’s largest tenant, for which it pays in the mid-$60s.
Cresa, the Hartford’s broker representatives, had listed around 25,000 square feet of space for sublease, but Sumitomo took more than what was originally available. Jane Roundell of Cresa declined to comment to the Observer.
Roundell, along with Jones Lang LaSalle’s Robert Stella and Bill Peters, reprsented the Hartford in the deal. [NYO] — Julie Strickland