SL Green Lands New Tenant at Midtown Manhattan Landmark
First American Title Co. will take over the entire 10th floor of the former Bowery Savings Bank building, leaving behind its offices at 44 Wall St.
By Corina Stef
Insurance company First American Title Co. signed a 10-year, 17,984-square-foot lease at 110 E. 42nd St., in Manhattan’s Murray Hill neighborhood. The firm will occupy the entire 10th floor. The owner, a partnership between SL Green Realty Corp. and luxury restaurants brand Cipriani, was represented in-house by Howard Tenenbaum and Gary Rosen, while Newmark Grubb Knight Frank’s Robin Fisher and Christie Bennett represented the tenant, which will relocate from 44 Wall St. While First American moves in, another financial tenant is about to leave.
The 205,000-square-foot, 18-story office building encompasses 25,300 square feet of retail space and features floor plates ranging from 13,062 to 22,186 square feet, according to Yardi Matrix. The structure was built in 1921 and 1933, and includes newly refurbished elevators and bathrooms, 24/7 building security and 77 parking spaces. The property sits across from Grand Central Terminal, and it is bounded by landmarks such as Grand Hyatt New York and the Chrysler Building. It also faces Park Avenue and Lexington Avenue, in close proximity to restaurants, bars, hotels and two blocks away from Bryant Park.
The building served as the headquarters for Bowery Savings Bank. Today, the lower floors are occupied by Cipriani. Notable tenants include Princeton Review, Curtis Mallet-Prevost, Colt & Mosle, Morgan Lewis & Bockius and Braverman Greenspun, to name a few. The asset was named BOMA’s Operating Office Building of the Year in 2013.
“We are delighted to welcome First American to our building, leasing activity in the Grand Central submarket remains extremely active,” SL Green Executive Vice President Steven Durels said in a prepared statement.
Video courtesy of SL Green Realty Corp.
