Chicago-based real estate firm Cresa recently announced that company principal Michael Goldman had successfully negotiated a lease renewal for the New York branch of China Merchants Bank to remain at its current Midtown East location. With the 15-year lease extension, the bank will occupy more than 43,000 square feet of Manhattan office space across three full floors (the 17th, 18th, and 23rd).
Cresa Vice President, Barry Spagna, and Director of Consulting, Erik Sznip, worked with Goldman on behalf of the tenant. A CBRE leasing team of Vice Chairman, Brian Gell, and Executive Vice President, Laurence Briody, represented Park Tower Group, which developed, owns, and manages 535 Madison.
“For nearly a year, our team met with the bank’s executive management in New York to determine the best courses of action before their lease expired,” Goldman said. “After thorough building tours of triple class A space in the Midtown Plaza district, we collectively determined the best option was to extend their lease at 535 Madison Avenue. CMB really appreciated all the building has to offer, including superior tenant services, the efficiency of column-free floor plates, and a great location.”
Rising 37 stories above the intersection of Madison Avenue and East 54th Street, 535 Madison offers LEED Gold-certified office space and is known for its beautiful lobby art collection; expansive outdoor plaza; exceptional tenant services and amenities; and high-quality tenant roster.
Since it originally joined the property with a 14,000-square-foot lease in 2008, the China Merchants Bank New York Branch has continually expanded its footprint and, today, is the building’s largest tenant.
China Merchants Bank New York Branch renews lease to occupy 43,000 square feet of office space for rent in Manhattan across three full floors at 535 Madison. Property image courtesy of CommercialEdge.
“We are grateful to Park Tower Group and its leasing team for collaborating with us on a tenant installation allowance and future interior and infrastructure upgrades in order to maintain this excellent tenant and achieve a positive outcome for all parties,” added Cresa Managing Principal, Peter Sabesan.
“We could not be more pleased that China Merchants Bank has opted to renew its lease at 535 Madison Avenue for another 15 years,” said Marian Klein, president of Park Tower Group. “This renewal is a testament to the deep and longstanding relationships we foster with our tenants; the superior quality of this building; and the best-in-class services we pride ourselves on.”
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