First Republic Bank Signs Up For Massive Expansion At Rockefeller Center

1230 Sixth Ave.
1230 Sixth Ave.

First Republic Bank signed up for an extra 130K SF across two buildings at Tishman Speyer's Rockefeller Plaza.

The company is taking 100K SF at 10 Rockefeller Plaza across the third and fourth floors. Next door, the firm is taking another 30K SF on the eighth floor, the New York Post reports. The firm already has 150K SF in the building, meaning it will now have a total of 280K SF in the two buildings.

JLL’s Frank Doyle, David Kleiner and Betsy Buckley brokered the deal on behalf of the bank.

The Manhattan office market is facing headwinds, with large numbers of large-scale spaces becoming available as major tenants begin moving to new buildings opening up, frequently in spaces with significantly smaller square footage. According to Transwestern, 14 blocks of 100K SF or more opened up in the first three months of the year. Landlords are increasingly offering steep cash concessions and creative deal sweeteners in order to fill space.

Sixth Avenue, however, is a bright spot in Manhattan and has seen significant leasing activity recently.

Last month, for example, law firm Latham & Watkins signed on to take 407K SF on floors 25 to 34 at Rockefeller Group’s 1271 Sixth Ave. In the first quarter, the availability rate for the Sixth Avenue and Rockefeller Center corridor declined to 9.8% from 11.1% a year earlier, according to CBRE data.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject