NEW YORK CITY-Credit Suisse executives have notified their employees that the banking firm will remain at its 11 Madison Ave. offices.
Credit Suisse is expected to sign a 20-year lease deal to remain in 1.2 million square feet of space at the 2.3 million-square-foot building. The company will be downsizing from the current 1.8 million square feet of space it currently occupies at the property, according to Bloomberg News.
Alex Sapir, president of the Sapir Organization, owner of the building along with CIM Group, confirmed the pending lease transaction at the Art Deco building. Sony Corp. will be leasing space on the upper floors of the 30-story tower.
“This project represents a significant investment in our Americas headquarters and demonstrates our commitment to providing staff with a modern, effective working environment,” Rob Shafir, Credit Suisse's chief executive officer for the Americas, stated.
Credit Suisse's lease will have the company occupy floors 1 to 11, as well as 1B and 2B, once work on the space is completed in 2017. The banker currently leases space on the 19th through 28th floors. See story at Bloomberg News.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.