Financial tenants and new restaurant head to 277 Park Avenue – Business Observer

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A host of financial tenants, including M&T Bank and a new chef’s restaurant david burqueare heading towards 277 Park Avenue.

In the largest of the seven transactions, M&T took 93,000 square feet from the 24th to the 27th floor to move its regional headquarters from 350 Park Avenue in the first half of 2023, the New York Post reported for the first time.

Each of the 250,000 square feet of leases was between 10 and 15 years, depending Cushman and Wakefieldwho represented the owner Stahl organization. Asking for rents at the property range between $100 and $120 per square footthe Job reported.

While the smaller business, Burke’s Park Avenue Kitchen is sure to generate a lot of excitement as he plans to open his first new restaurant in New York in nearly three years on 6,248 square feet at the foot of the office tower in May 2023, the Job reported.

New Lemay + Escobar-a designer restaurant, adorned with chandeliers and a wall of Himalayan pink salt, will host a 148-seat dining room and a 49-seat market and cafe open for three meals a day. Burke also plans to provide catering services to tenants of the 50-story building between East 47th and East 48th streets, according to the Job.

Meanwhile, two tenants have moved from other Midtown properties to the Park Avenue tower. Intermediate capital group said goodbye to her at least Offices of 7,000 square feet at 600 Lexington Avenue for 40,000 square feet on the 40th and 41st floors, while National Bank of Australia abandoned 245 Park Avenue for 24,000 square feet on the 19th floor of the building, according to C&W.

Visa International picked up an additional 25,000 square feet, bringing its total footprint on the top two floors of the property to 50,000 square feet, while Imperial Capital decided to stick with its 12,000 square feet on the 20th floor, according to C&W.

And Private Markets Company StepStone Group took up 50,000 square feet on the 44th and 45th floors, though it was unclear whether the business was expanding or exiting its Offices of 29,000 square feet on the 31st floor of 450 Lexington Avenue. StepStone declined to comment.

The leases leave just 100,000 square feet in the 1.9 million square foot office tower – a feat given the difficult office marketthat C&W Mark P. Boisi credited with a $120 million renovation of its lobby and fitness center that attracted tenants.

“The Stahl organization had the foresight to make 277 Park Avenue future-proof starting in 2018 through a comprehensive $120 million capital improvement program,” said Boisi, who represented the owner with colleagues. Brian Boisi and Gordon Hough. “With its dramatic new entrance and top-notch amenities, including a state-of-the-art fitness center, 277 Park Avenue has cemented its position as a premier Park Avenue asset.”

Other tower tenants include JPMorgan Chase, Bank of India and the Agricultural Bank of China.

It was not immediately clear who brokered the transactions for the tenants. Burke, Visa International, Intermediate Capital, National Australia and Imperial Capital did not immediately respond to requests for comment.

Hough, who has since left C&W to Silverstein Propertiesdeclined to comment.

Celia Young can be contacted at [email protected].

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