X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Signifying its commitment to the Financial District, the Bank of Communications has signed a 10-year renewal of its office space at Broad Street Development’s 55 Broadway. The century-old Chinese bank is 55 Broadway’s largest tenant at 22,000 square feet, BSD principal Daniel Blanco tells GlobeSt.com.

“We’re very pleased that they renewed,” says Blanco, calling it “a real testimony” to the bank’s affiliation with Downtown. “They’re an international company, being out of China, and a terrific tenant. We’re just absolutely delighted that they expressed their preference for the building,” especially in what is increasingly seen as a tenant’s market.

Comprising two full floors at 55 Broadway, also known as One Exchange Plaza, the lease renewal was signed in the high $50s per square foot, according to BSD. Representing BSD in lease negotiations were Blanco, managing director David Israni and associate Mona Huegel. Bank of Communications was represented by Doris Pokras, president of Project Vision Group, Inc.

In a release, Israni notes that 55 Broadway remains 95% leased, and attributes this to “our hands-on management style and willingness to work with our tenants.” The company has reported success at the property with its pre-built and built-to-suit office programs. Currently, the pre-built program offers spaces that range from 3,000 to 10,370 square feet, and for terms as short as one year, according to a release.

Built in 1983 and located on the southwest corner of Broadway and Exchange Place, the 32-story office tower contains more than 330,000 square feet. BSD also owns and manages the 750,000- square-foot office tower at 61 Broadway, and recently completed the marketing of two residential conversions at 1438 Third Ave. and 184 Thompson St. Last September, as GlobeSt.com reported, BSD sold the 305,000-square-foot 370 Lexington Ave. for $155 million to a partnership of Sherwood Equities and JPMorgan Chase. BSD had bought the 26-story office tower two years earlier for $97.2 million and repositioned it.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.