Weekly Comps Digest from CompStak
Every week we compile a digest of some of the most interesting recent deals from the CompStak database. We hope you will find the information helpful.NYSSCPA: A Calculated Move Downtown
The professional organization of accountants joins the trend of Downtown relocation. New York State Society of CPAs will take an entire floor at 14 Wall Street and will pay rent in the mid $30s, similar to what it paid at 3 Park Ave over the past ten years. Our guess is that rents in the thirties are no longer easily attainable at 3 Park Avenue, as recent tenants in the building have agreed to pay rents in the mid forties.
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Bank of America has announced it would reduce its footprint in midtown by 230,000 SF, but several other banks are renewing leases or flowing into midtown, all paying rents in the $60s and $70's PSF. Among these are RBS at 340 Madison, Bank Leumi at 579 5th Ave, and MayBank at 400 Park.
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