By Roland Li
Standard Chartered Bank has completed the relocation of its Americas headquarters to the Blackstone Group’s 1095 Sixth Avenue. The bank is leasing three floors, totaling 107,000 s/f.
A spokeswoman for the bank said the move was driven by a need for more space. Since 2002, its 500 employees had been occupying one floor at 1 Madison Avenue, the office building adjacent to Africa Israel’s Metropolitan Life Insurance Company Tower, which is being converted into condos.
The bank, which has its global headquarters in London, is seeking LEED Gold certification for its new interior space, incorporating green features that include recycled materials and energy-efficient and water-efficient systems.
“I am extremely proud of our new office space, which fuses cultural influences from Asia, Africa, the Middle East and South America with stunning New York architectural design and cityscapes,” said David Stileman, CEO of Standard Chartered, Americas, in a statement. “As we continue to grow in the Americas, this space will not only accommodate us, it will enable us to work more collaboratively and to live our values regarding the environment and sustainable business practices.”
Jones Lang LaSalle represented Standard Chartered Bank in the deal. Equity Office, an affiliate of Blackstone, represented the landlord.
Previously owned by Verizon, 1095 Sixth Avenue underwent a two-year, $250 million renovation under Equity Office’s ownership that transformed its original white marble facade into a glassy green skin.
In early 2007, real estate mogul Sam Zell sold Equity Office Properties Trust and its national portfolio of properties, including eight Manhattan buildings, to Blackstone for $39 billion. Blackstone quickly sold $27 billion of the portfolio to the likes of RFR Realty and Harry Mackelowe, but retained 1095 Sixth Avenue.
The 41-story tower had rents of $132 per s/f during the peak, but as the New York Times reported in 2008, tenants such as iStar Financial and Centerline Capital Group attempted to renegotiate their leases after the market crash.
Sources told Crain’s, which first reported the Standard Chartered Bank deal, that asking rent was around $75 per s/f.