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Bain & Co. Relocating Huge NYC Office As Part Of Leasing Wave At 22 Vanderbilt

A consulting giant is doubling the size of its New York City office as it leads a group of tenants migrating to a renovated tower next to Grand Central Terminal.

The Terrace, one of the many new amenities unveiled at 22 Vanderbilt, which owner Milstein Properties says helped it nearly reach full occupancy.

Bain & Co. is moving its NYC office from the Grace Building overlooking Bryant Park to a 235K SF spread at 22 Vanderbilt. The Boston-based company plans to move into four floors at the building, which used to be called 335 Madison Ave., in 2026. 

“22 Vanderbilt gives us the opportunity to create a space that works for 2030 and beyond, enabling us to co-create with our clients and to better collaborate as teams,” Allison Gans, co-managing partner of Bain New York, said in a statement.

The deal was one of five announced Monday by the building's owner, Milstein Properties, for a total of 460K SF in commitments, bringing the building to 91% leased with just 96K SF available, according to a release.

The leases followed a $250M upgrade to the building — which initially kicked off in 2017, when it was projected to cost $100M — that resulted in 275K SF of new amenities like a cocktail lounge, an outdoor terrace overlooking Grand Central, an Italian-inspired espresso bar, a fitness center and a glass-enclosed library.

Those offerings were key to signing new tenants, Milstein Properties said in a release. Crucially, 22 Vanderbilt is also one of just six office buildings with direct access to Grand Central, an important factor for commuters looking for shorter journeys to and from the office after the flexibility of remote working during the pandemic.

Milstein brought on Brookfield as a strategic partner for leasing, asset management and marketing of 22 Vanderbilt, following the renovation overseen by SHoP architects. The asset management giant has no equity in 22 Vanderbilt.

“The building’s success and leasing momentum underscore its reputation as the premier destination for businesses seeking the competitive advantage of offering an incomparable daily experience,” Milstein Chief Operating Officer Damon Lopez-O’Dwyer said in a statement. “22 Vanderbilt sets a new standard for the modern office, delivering high-design amenities and a full-service hospitality program with direct access to Grand Central Terminal.”

Other new leases in the building include agreements with law firm Duane Morris LLP and financial services provider TD Securities, both of which took 80K SF across two floors. Wealth manager Alti Tiedemann Global signed for a single floor spanning 40K SF, and law firm Kennedys leased 25K SF.

Asking rents in the building weren't disclosed, but PR firm Joelle Frank signed for 78K SF in March last year with asking rents of $95 per SF, the New York Post reported at the time. The Post first reported the five leases and said all had asking rent above $100 per SF.

Milstein Properties was represented by CBRE’s Paul Amrich, Neil King, Jeffrey Fischer, Sacha Zarba and Meghan Allen, as well as by Brookfield Properties’ Duncan McCuaig, David Caperna and P.J. Massey.

CBRE’s John Maher, Chris Corrinet and Paul Myers represented Bain, while Ryan Alexander, Matthew Saker and Nicole Marshall repped TD Capital and Alti Tiedemann Global. Bill Iacovelli and Conor Denihan, also of CBRE, repped Duane Morris, and Gabe Marans, Perry Kaplan and Maxine Rosen at Savills repped Kennedys.

The leasing success is a significant change of fortunes for the property. A decade ago, its anchor tenant, Bank of America, announced its plans to vacate, leaving the owners to offer out leases on a floor-by-floor basis and considering a teardown.

Office owners have put significant resources into upgrading office buildings since the beginning of the pandemic, putting hundreds of thousands of dollars into amenities in a bid to lure workers back to the office.

Offerings have ranged from on-site restaurants and golf simulators to pickleball courts and video game arcades.

Plenty of those buildings have been successful, the data shows. The best-in-class offices, many of which have a range of amenity offerings, have brought workers back in higher numbers.

CORRECTION, MAY 13, 5:45 PM E.T.: A previous version of this story misstated Brookfield’s role at 22 Vanderbilt. This story has been updated.