Stahl Inks 93 KSF in Midtown Manhattan

277 Park Avenue. Image courtesy of The Stahl Org.

The Stahl Organization has signed a 93,000-square-foot lease with M&T Bank at its 277 Park Ave. property in Manhattan’s Plaza District. Cushman & Wakefield worked on behalf of the landlord, while Joshua Stein PLLC provided legal representation for Stahl in the lease signing.

The new tenant will be moving its longtime headquarters from Vornado Realty Corp.’s 350 Park Ave. to the 24th and 27th floors of the 1.9 million-square-foot Class A tower. Located between 47th and 48th streets, the LEED Silver-certified Midtown Manhattan building is within walking distance from Grand Central Station.

Stahl erected the 51-story high-rise on a 3.7-acre site in the early 1960s. The building features 40,000 square feet of retail space, according to CommercialEdge. Cushman & Wakefield’s Mark Boisi said in prepared remarks that in 2018 Stahl commenced a $120 million capital improvement program on the property, with Bohlin Cywinski Jackson as architect. To be completed by the end of the year, the overhaul will result in a new lobby with 30-foot ceilings and plaza with green space, as well as a new entrance and lobby on Lexington Avenue.

The building’s current tenant roster includes high-profile finance companies, such as JPMorgan Chase, ANZ Bank and Bank of India.

New leases in the Plaza District

In addition to M&T Bank’s commitment, Cushman & Wakefield and Joshua Stein PLLC represented Stahl in five other recent lease signings at the property, with all six deals amounting to 269,000 square feet. The brokerage team included Mark Boisi, Bryan Boisi and Gordon Hough, while the legal team comprised of Joshua Stein and Lauren Silk.
The other leases included:

• Visa International expanded its penthouse presence to 50,000 square feet;
• Stepstone Group signing up for roughly 50,000 square feet on the 44th and 45th floors;
• UK-based Intermediate Capital Group‘s 40,000-square-foot lease on the 40th and 41st floors;
• National Australia Bank committing to 24,000 square feet on the entire 19th floor;
• Imperial Capital‘s lease extension of approximately 12,000 square feet on the 20th floor.

In April, Bryan Boisi represented the tenant in another Plaza District lease signing. Investment firm Bain Capital NY LLC committed to nearly 15,000 square feet at Park Tower Group’s 480,000-square-foot 535 Madison property.