{"id":1004664550,"date":"2023-05-24T03:07:26","date_gmt":"2023-05-24T11:07:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004664550"},"modified":"2023-05-24T05:18:02","modified_gmt":"2023-05-24T13:18:02","slug":"flagstar-bank-assumes-signature-banks-manhattan-office-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/","title":{"rendered":"Flagstar Bank Assumes Signature Bank\u2019s Manhattan Office Lease"},"content":{"rendered":"
\"1400<\/a>

1400 Broadway. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Flagstar Bank N.A.<\/strong>, a subsidiary of New York Community Bank<\/strong> and the buyer of the recently collapsed Signature Bank<\/strong>\u2019s liquid assets, debt and service centers, has assumed the latter\u2019s office lease at 1400 Broadway, a Class A, 919,405-square-foot office building in Midtown Manhattan.<\/p>\n

The terms of the lease, which spans 11 floors and 313,109 square feet to be occupied through 2039, remain the same, save for a $3 per square foot decrease in rent in the first five years. Additionally, Empire State Realty Trust<\/strong>, the building\u2019s owner and operator, will deduct $5.8 million from $6.4 million in straight-line reserve funding that had been collected over the first quarter of 2023. In total, Flagstar\u2019s rent at 1400 Broadway will be reduced by 1.5 percent.<\/p>\n

Signature Bank’s Broadway history<\/h2>\n

Signature Bank\u2019s lease at 1400 Broadway began in April 2018, encompassing 91,181 square feet across the sixth, seventh and 27th<\/sup> floors of the building. Over the next four years, the tenant expanded its Broadway footprint, more than doubling its space<\/a> to 280,182 square feet across 10 floors in January 2022. The final, 32,297-square-foot expansion was signed in April of that year. The offices were located within half a mile from the former bank\u2019s corporate headquarters at 565 Fifth Ave.<\/p>\n

\n

READ ALSO:<\/strong> What the UBS-Credit Suisse Deal Means for CRE<\/a><\/span><\/p>\n

\n

When Signature Bank closed in March 2023<\/a>, it held assets worth a total of $110.4 billion, including $88.6 billion in deposits and $14 billion in commercial real estate loans. A week after its collapse, The Federal Deposit Insurance Corp. sold $38.4 billion worth of Signature\u2019s assets, including $12.9 billion in loans and all 40 of the bank\u2019s branches, to New York Community Bank for $2.7 billion, according to CNN Business.<\/em><\/p>\n

A Midtown Manhattan office property<\/h2>\n
\"\"

The renovated lobby at 1400 Broadway. Image courtesy of Empire State Realty Trust<\/em><\/p><\/div>\n

Completed in 1930, the 37-story tower underwent renovations to its lobby, windows, elevators, electrical, HVAC and security systems in 2010, and was acquired by ESRT four years later for $310 million, according to CommercialEdge information. Amenities at the LEED, WELL, Energy Star and Fitwel-certified building include private lounges and meeting areas, a newly constructed assembly room and 18,000 square feet of ground-floor retail, as well as MERV 13 air and particle filters.<\/p>\n

Newmark<\/strong> Vice Chairman Scott Klau, Executive Managing Director Erik Harris and Managing Director Neil Rubin currently oversee leasing and brokerage services at the property. Its tenant roster includes Kohl’s, Fragomen and Neon, among others.<\/p>\n

Situated in one of the borough\u2019s most dense office corridors, 1400 Broadway is surrounded by many of Midtown\u2019s retail, dining, cultural, entertainment and hospitality offerings. The building has quick access to both local and express subway lines, and is within 1 mile of both Grand Central Terminal and Penn Station.<\/p>\n

An adapting office market<\/h2>\n

With a slowed development pipeline<\/a> and tepid deal volumes, the nation\u2019s largest office market faces struggles with many of its core fundamentals. In part, this has been due to many relatively quick changes to how office work is conducted, brought on by the pandemic and the popularity of hybrid work, as well as the tenant flight to exclusively high-quality, amenity-driven spaces. According to CommercialEdge data, Manhattan\u2019s office vacancy rate has increased 210 basis points year-over-year to 16.5 percent as of April, while its 15.1 million-square-foot pipeline marks a 21 percent decrease over the same period.<\/p>\n

Still, the borough has been home to recent high-profile new leases and renewals. In January, Fox Corp. and News Corp. extended their commitments at 1211 Avenue of the Americas<\/a>, occupancies totaling 1.2 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new tenant obtained a rent reduction for the 313,109-square-foot space.<\/p>\n","protected":false},"author":3012,"featured_media":1004664555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[49474,45176,50999,42251],"class_list":["post-1004664550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-flagstar-bank","tag-new-york-community-bank","tag-newmark","tag-signature-bank"],"acf":[],"yoast_head":"\nFlagstar Bank Assumes Signature Bank\u2019s Manhattan Office Lease - CPE<\/title>\n<meta name=\"description\" content=\"Following the purchase of $38.4 billion in Signature Bank's assets, Flagstar will occupy its former office at 1400 Broadway.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flagstar Bank Assumes Signature Bank\u2019s Manhattan Office Lease\" \/>\n<meta property=\"og:description\" content=\"Following the purchase of $38.4 billion in Signature Bank's assets, Flagstar will occupy its former office at 1400 Broadway.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T11:07:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-24T13:18:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/1400bway-1-e1684920872924.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\",\"name\":\"Flagstar Bank Assumes Signature Bank\u2019s Manhattan Office Lease - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/1400bway-1-e1684920872924.jpg\",\"datePublished\":\"2023-05-24T11:07:26+00:00\",\"dateModified\":\"2023-05-24T13:18:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Following the purchase of $38.4 billion in Signature Bank's assets, Flagstar will occupy its former office at 1400 Broadway.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/1400bway-1-e1684920872924.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/1400bway-1-e1684920872924.jpg\",\"width\":800,\"height\":600,\"caption\":\"1400 Broadway. 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