CB Richard Ellis' Stuart Eisenkraft, Jason Gorman, Brad Needleman and Michael Wellen acted on behalf of HSHN in the 15-year transaction, while Glenn Roberts of GVA Williams repped the sublessor. CBRE is currently negotiating a sublease for the bank's vacated 25,000 sf at 590 Madison.

"After thoroughly scouring Midtown for suitable new space, it madeabsolute economic and operational sense to structure a transaction at230 Park Avenue," says Eisenkraft. "Moreover, the space is totallybuilt-out, furnished and in pristine move-in condition."

In the other transaction, PB Capital Corp., a US-based subsidiary of the German banking giant Deutsche Postbank, is relocating to 42,000 sf for its executive, administrative and general offices from 590 Madison Ave. The firm will occupy the entire 19th and 20th floors at the Monday Properties-owned site. The transaction negotiation initiated by Mark F. Lauzon, Monday Properties' vice president and director of leasing, and tenant rep John Isaacs of Cushman & Wakefield.

The company is occupying space formerly by JPMorgan Chase. Lauzon arranged for the early surrender of the space from Chase for the immediate leasing of the premises to the new tenant. Asking rents on the tower floors at 230 Park Avenue are approaching the high-$50s range. Other space in the 1.3-million-sf site is advertised from $40 per sf to $54 per sf. Other tenants include Swiss Re America Holding Corp. and Bear Stearns. The lender opened its offices here in 1976 and now manages a balance sheet in excess of $4 billion.

Monday Properties was established last week due to the buyoutof Max Capital by Anthony Westreich, the newly formed firm's presidentand CEO. Monday currently owns and/or manages approximately four million sf of property here with an occupancy rate of 98%. The portfolio's other signature properties include 237 Park Ave., 1440 Broadway, 350 Madison Ave. and 260 Park Ave. South.