German Real Estate Bank Moves US HQ to 30,400-SF Grace Building Space

NEW YORK CITY-One of the world’s largest real estate-dedicated banks, Germany-based Eurohypo AG has signed a 10-year lease for the entire 29th floor of the Grace Building, 1114 Ave. of the Americas. The bank will house its US headquarters in the 30,450-sf space.

Eurohypo was represented in the transaction by John Maher and Evan Lavery of CB Richard Ellis. David Kaufman, Trizec’s director of leasing for the Northeast region, negotiated on behalf of Trizec Properties Inc., which owns the 1.5-million sf class A asset in joint venture with San Francisco-based the Swig Co. Asking rents for the space were $70 per sf.

The Grace building, located near Bryant Park at 42rd Street and Avenue of the Americas, is a 49-story office tower built in 1971 that is nearly 100% occupied. Skidmore, Owings and Merrill chief designer Gordon Bunshaft’s white-travertine and bronze-glass structure is notable for the outward curve of its lower walls, a design element Bunschaft also utilized in the Solow Building at 9 W. 57th St.

“The Grace Building offers premier class A space,” says Doug Winshall, senior vice president of Trizec’s Eastern region. “And its Bryant Park location is unsurpassed with convenience to subways, Grand Central Station, Penn Station and the Port Authority.”

Eurohypo, one of Germany’s 10 largest banks, has total assets of roughly $240 billion. Its major shareholders are Commerzbank, Deutsche Bank and Dresdner Bank. Eurohypo’s core business is commercial real estate with an emphasis on the US. The bank focuses on large syndicated loans, CMBS and mezz financing.

Trizec Properties has ownership interests in and manages 73 office properties totaling roughly 49 million sf in the CBDs of seven major US cities. The company also has interests in three retail/entertainment properties.