Silicon Valley Bank almost doubles Manhattan office sace at 387 Park Avenue South C... htt://www.crainsnewyork.com/article/20160727/real_estate/160729878/west-coast-b... Page 1 of 9 Real Estate NEWS REAL ESTATE July 27, 2016 1:15.m. Udated 07/27/2016 West Coast bank catering to tech firms almost doubles Manhattan office sace Silicon Valley Bank takes an entire floor at 387 Park Avenue South By Daniel Geiger K k c4 f8 g0 a 0 b 387 Park Avenue South Photo: Courtesy of Newmark Grubb Knight Frank Silicon Valley Bank is exanding its footrint in New York City and moving into sace that is closer to the tech community. The Santa Clara, Calif.-based financial institution has leased 20,000 square feet, the entire second floor, at 387 Park Avenue South, for 10 years. Asking rents at the building are $78 er square foot. Silicon Valley Bank lans to relocate to the new sace from about 10,400 square feet at its current office at 505 Fifth Ave. The bank lans to sublease that sace once the move is comlete. Matthew Leon, a broker with Newmark Grubb Knight Frank, reresented the building's landlord TF Cornerstone in the deal along with Chi Sealy, an executive at TF Cornerstone who handles leasing in-house for the comany. Robert Tunis and Eric Ferriello reresented Silicon Valley Bank. Tunis said the bank was making the move to grow and also be closer to the clients it finances in the tech sector. Park Avenue South has become one of the most oular arteries for office sace in midtown south, a neighborhood that has come to be dominated in recent years by tech comanies.
Silicon Valley Bank almost doubles Manhattan office sace at 387 Park Avenue South C... htt://www.crainsnewyork.com/article/20160727/real_estate/160729878/west-coast-b... Page 2 of 9 "It's where their constituency is," said Tunis, who along with Ferriello will handle the sublease of the bank's sace at 505 Fifth Ave. "This new office uts them closer to that. You go where your business A Welcome, is." PAUL The deal is one of several that TF Cornerstone has signed at 387 Park Avenue Contact South Us since undertaking a multimilliondollar renovation of the roerty. The work included a new façade for the lower three floors of the building, new building systems, like HVAC and elevators, and a rivate roof deck. Last year, the tech firm Criteo signed on for the building's to three floors, giving it exclusive use of the rivate roof sace. The firm went on to lease another floor at the roerty, exanding to 60,000 square feet at the 13-story roerty. Only 387 Park Avenue South's ninth floor and a ortion of the eighth remain available, for rents that have now been raised into the $80s er square foot. One other floor, the third, will become vacant due to the dearture of SUNY Stony Brook, whose 10-year lease exires this month, according to CoStar Grou Inc. NEWMARK GRUBB KNIGHT FRANKREAL ESTATETECHNOLOGYMIDTOWNMIDTOWN SOUTHMORE + GET CRAIN'S REAL ESTATE DAILY (RED) ALERT Sign u for our FREE daily Real Estate Alert email newsletter. The day's to commercial real estate news, transactions and executive moves. Enter your email address COMMENTS SUBSCRIBE MORE NEWSLETTERS
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