Amalgamated Bank has inked a 15-year lease at 99 Park Avenue in Midtown East, which is now nearing full occupancy.
The deal will give the union-owned financial institution 94,045 square feet to work with at the property. It will occupy the full second, third and fifth floors, as well as part of the ground floor at the 26-story building.
It's unclear when exactly the bank will move in, but it will relocate from 275 Seventh Avenue.
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According to landlord Global Holdings, the Amalgamated deal, which is the largest one at the property, takes 99 Park to 98 percent leased. Since December, Global said it has inked 220,000 square feet worth of deals at the site. This includes Geller & Co's more than 45,000 square-foot signing in March. And in the fourth quarter, Metropolitan Bank signed a 15-year deal to renew and expand its lease at the property to 81,979 square feet.
The 600,000-square-foot building features a private entrance, a fitness center, and a parking garage for tenants. Currently, 99 Park is undergoing a $30 million capital improvement project, which will include new amenities and a redesign of the facade. The renovation is expected to be completed in 2026. Plus, 99 Park is near Bryant Park and Grand Central Terminal.
“99 Park Avenue delivers a dynamic energy that leading companies are drawn to as we seek to enhance the workday experience and reimagine the modern workplace,” Craig Panzirer, senior vice president and director of leasing, at Global Holdings, said in a statement.
“As our capital improvement program continues to progress, we’re committed to meeting the demand of best-in-class tenants and to elevating the standard of working on prestigious Park Avenue in New York City.”
JLL assisted both Global and Amalgamated on the lease.
In a mixed report for Manhattan investment sales in the first quarter — office performance was shaky, according to data from Avison Young. While transactions were up by 15 percent, volume plunged by 58 percent to $659.8 million. Across all asset types that Avison Young recorded, there were 84 transactions for a $2.7 billion volume, representing a 12 percent rise and a 17 percent plunge in the respective categories.
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