Two Financial Tenants Sign Deals in Two Adjacent Buildings

August 8, 2012

Lance Leighton

Co-Founder –
Senior Managing Director, Savills Studley, Inc.
New York State Licensed Real Estate Salesperson

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Hua Nan Commercial Bank, 330 Madison Avenue – The gleaming office tower on the corner of 42nd Street and Madison Avenue, recently underwent major renovations.  As a result, it has been commanding steep rents and attracting big name financial tenants.  Hua Nan Commercial Bank, a China based financial institution, recently signed a 10 year lease to occupy 9,771 square feet on the entire 38th Floor.  The deal reportedly starts in the mid $80’s psf.  The building is 39 floors and floorplates range from about 9,700 square feet in the tower to about 40,000 square feet in the base.

Ariel Investments, 340 Madison Avenue – According to a press release published by RXR Realty, the owner of the building, “Ariel will occupy 6,500-square-feet on the 18th floor of 340 Madison, which is located one block from Grand Central Terminal and occupies the full block front of Madison Avenue between 43rd and 44th streets.  Having undergone complete redevelopment in 2006, 340 Madison is distinguished from its competitors as one of the few modern assets among the predominantly older array of office buildings in the Grand Central market.”  Mellody Hobson, the President of Ariel (which is based in Chicago), acknowledged that the firm wanted their Manhattan office to be conveniently located and offer world-class amenities.  The money manager reportedly signed a 5 year lease with rents starting in the high $60’s psf.

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