Cushman & Wakefield has arranged an 11-year, 5,684 s/f lease renewal for Deutsche Bundesbank at 499 Park Avenue in Midtown.
Troy Elias and Aron Schreier represented the tenant in the transaction. CBRE’s Paul Amrich, Neil King and James Ackerson repped the landlord.
“Deutsche Bundesbank has been an important tenant of 499 Park Avenue since 1986 and is looking forward to calling it home for another decade,” said Elias.
499 Park Avenue is a 27-story, 296,847 s/f building designed by architect I.M. Pei. The building was completed in 1980. Hines acquired the property in 2003 from Sumitomo Life Realty. In 2013, the building was sold to an institutional fund managed by American Realty Advisors for $250 million. Hines continues to manage the building.
“Deutsche Bundesbank’s long-term lease commitment demonstrates the growing optimism and confidence in the marketplace and is a true testament to the value of well-located, high-quality office space,” said Schreier.
Deutsche Bundesbank is the most influential member of the European System of Central Banks (ESCB). Deutsche Bundesbank is the Federal Reserve of Germany and their location in New York is their representative office.