Santander Bank has opted to remain at its current U.S. headquarters, located at 437 Madison Ave. The Spanish financial institution has finalized a seven-year lease renewal for 191,667 square feet, encompassing floors five through 10 of Sage’s 40-story office tower in Midtown East, with the added provision of a lease extension option.
While the precise asking rent remains undisclosed, the landlord indicated that base units within the property were listed between $79 and $84 per square foot. Savills — represented by Mitti Liebersohn, Arthur Mirante and Ana Erickson — facilitated the transaction on behalf of the tenant. Sage’s Michael Lenchner, along with Jack Brennan, represented the landlord in-house.
“We’re excited to see Santander not only continue to call 437 Madison Avenue their home in the U.S., but also extend their presence here with Sage,” said Sage CEO, Jonathan Iger.
“437 Madison Avenue is our flagship property in one of the city’s most prized locations and offering our Oasis amenity space,” Lenchner added. “We’re pleased Santander is committed to keeping the location as their headquarters.”
Santander Bank initially established its presence at 437 Madison Ave. (which is situated between East 49th and East 50th streets) in 2020 via a 160,000-square-foot sublease from WeWork. At the time, its move to 437 Madison Ave. represented a relocation of its U.S. headquarters from 45 E. 53rd St. in a change that was implemented as part of the WeWork sublease agreement. Currently, the timeline of Santander’s subsequent expansion and transition to a direct lease remains unspecified.
Accounting firm Armanino is among the office tenants occupying 437 Madison Ave., while Eden Gallery leases the building’s 10,000-square-foot, ground-floor retail space.
Originally designed by Emery Roth & Sons and constructed in 1967, the 850,000-square-foot Manhattan office building underwent a comprehensive, $60 million renovation in 2017. This project included redesigning the outdoor plaza and lobby; upgrading building infrastructure; and introducing new amenities, such as a 15th-floor sky lounge, garden terrace conference rooms, an arcade and a yoga room.
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