Japan's second largest bank in terms of assets leases nearly 40,000 SQFT of office space in Midtown!
Gus Delaporte 10/15 7:45am Sumitomo Mitsui Banking Corporation has expanded at 277 Park Avenue, signing a 38,249-square-foot sublease from The Hartford on the 15th floor, The Commercial Observer has learned.
The tenant will pay rent starting at approximately $50 per square foot in a deal through January 2021, according to data from CompStak.
The Hartford’s space at the Stahl-owned property is part of a 94,331-square-foot sublease from JPMorgan Chase, the building’s largest tenant. The insurance giant pays in the mid-$60s per square foot in its agreement with the bank, CompStak data shows.
Approximately 25,000 square feet had been listed for sublease by Cresa, The Hartford’s representatives, but SMBC took more space than was initially available. Jane Roundell of Cresa declined to comment.
As previously reported by The Commercial Observer, financial services firm Sterne Agree signed a 9-year, 23,000-square-foot expansion at 277 Park Avenue in March. The Birmingham, Ala.-based firm now occupies 46,000 square feet on the 24th and 25th floors.
Headquartered in Tokyo, SMBC is a subsidiary of holding company Sumitomo Mitsui Financial Group and operates U.S. offices in New York, Houston, Los Angeles and San Francisco.
Ms. Roundell represented The Hartford alongside Robert Stella. Bill Peters of Jones Lang LaSalle represented SMBC.