Union Bank Signs for 23,458 SF at 40 Wall St.

NEW YORK CITY-It what can only be described as a show of support for Manhattan’s Downtown market, Union Bank of California has inked a 23,458-sf lease at 40 Wall St. Union Bank’s former base of New York operations was the 14th floor of 2 World Trade Center. All of the bank’s 106 employees survived the attack.

The bank signed a seven-year lease for the entire 23rd floor at 40 Wall, which it plans to occupy by late February. Ken Churich, a senior director for Cushman & Wakefield in San Francisco, and John Moxley, a director in New York, represented the bank, said to be the third largest commercial bank in California. Tishman Real Estate Services is the building manager for 40 Wall, also known as the Trump Building at 40. Calls to the local Tishman office were not returned.

A total of four C&W offices were involved in the site-selection process, since the client was scouting alternative spaces in Midtown Manhattan and in New Jersey. “Since they’re headquartered in San Francisco, we channeled all leads and information through the San Francisco office,” reports Churich, “but we had Midtown brokers showing space in Midtown, New Jersey brokers showing space in Jersey City and Downtown brokers showing space Downtown. Within days of Sept. 11, we had shown Union Bank more than 30 potential properties. At the end of the day, they chose Downtown.”

According to Moxley, Union Bank did not want to leave the financial district. “They wanted to be close to Wall Street, the New York Stock Exchange and clients,” he states.