Scott Klocksin, Bisnow
11 Madison Ave., where SL Green sold a 40% stake to Prudential subsidiary PGIM Real Estate
Credit Suisse has inked an extension for two floors totaling 186k SF at 11 Madison Ave. The Swiss bank occupies a total of 1.1M SF at the SL Green-owned building.
News of the extension came from SL Green execs on an earnings call on Thursday and was reported by the Commercial Observer.
The bank first moved into the building 20 years ago. The rent on the deal wasn’t disclosed, but the average ask at the property is $70/SF.
The 2.3M SF building holds the record for commanding the highest price for a Manhattan office building. SL Green picked it up from the Sapir Organization for $2.6M last year. [CO]