Indian Bank Renews Manhattan Lease
- May 02, 2008
The Bank of Baroda has signed a 20-year, 10,500-square-foot lease renewal for its U.S. headquarters at 1 Park Ave. in Manhattan, a CB Richard Ellis Inc. source told CPN exclusively today. The firm assisted the bank in the deal. Murray Hill Properties, the landlord, set the asking rent at $60 per square foot. Bank of Baroda, India’s third largest, is also renovating the space.“We were able to renew Bank of Baroda’s lease a year early and achieve an excellent deal for them,” said Roshan Shah, senior associate, CB Richard Ellis, who represented the tenant, along with Sinclair Li, vice president. “This renewal allows them to expand their presence in New York.” CB Richard Ellis is also overseeing the construction and renovation process.Murray Hill Properties was represented internally by Audrey Novoa. In a joint venture deal last year, Murray Hill Properties acquired I Park Ave. from SL Green Realty Corp. for $550 million. Built in 1925, the 957,000-square-foot building is located between East 32nd and East 33rd Streets.