Cresa arranges lease extension for China Merchants Bank

Manhattan, NY Cresa principal Michael Goldman has arranged a 15-year lease extension for China Merchants Bank (CMB) New York branch at Park Tower Group’s 535 Madison Ave. The bank will occupy 43,060 s/f of full-floor office space on the 17^th, 18^th, and 23^rd floors of the acclaimed 37-story, LEED-EB Gold certified office tower, known for its tenant roster, lobby art collection, outdoor plaza, and tenant services and amenities.

Working with Goldman on behalf of the bank were Cresa’s Barry Spagna, vice president, and Erik Sznip, director, consulting. Park Tower Group, which developed, owns, and manages 535 Madison, was represented by the building’s CBRE leasing team, comprising Brian Gell, vice chairman, and Laurence Briody, executive vice president.

“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,” said Goldman. “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 Ave. CMB really appreciated all the building has to offer, including superior tenant services, the efficiency of column-free floor plates, and a great location.”

China Merchants Bank New York Branch originally moved into a 14,000 s/f office at 535 Madison Ave. in 2008. Over the years, the bank has continued to expand its space and, today, is the building’s largest tenant.

Cresa managing principal Peter Sabesan said, “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.”

“We could not be more pleased that China Merchants Bank has opted to renew its lease at 535 Madison Ave. 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.”