Adds another 48,000 square feet to already-massive space; $70 rent seen as gilded throwback to pre-recession levels
By Theresa Agovino on February 15, 2011
Credit Suisse expanded its presence at 315 Park Avenue South by signing a six-year lease for an additional 48,000 square feet at the property between East 23rd and East 24th streets. The deal means the investment bank now leases about 90% of the 100-year-old, 330,000-square-foot building, which is now 100% occupied.
Most of the Credit Suisse employees housed in that location work in information technology and can always use more space, sources close to the deal said.
Credit Suisse is paying around $70 a square foot, said Craig Nassi, chief executive of BCN Development, which owns the building. He said that is a positive sign for the real estate market because that rent is similar to those the building commanded before the recession.
BCN worked directly with Credit Suisse on the deal, Mr. Nassi said. Credit Suisse declined to comment.