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WaMu Signs Eight Leases, Plans 40 Area Branches

NEW YORK CITY-Press-shy boutique banker Washington Mutual releases its plans for 40 branches throughout New York and New Jersey. The Seattle-based institution already has eight new Manhattan leases under its belt.

By Glen Thompson | Updated on March 14, 2002

NEW YORK CITY-After months of playing coy, Seattle-based Washington Mutual Inc. has finally revealed its plans for the New York/New Jersey area. The boutique bank will open up to 40 new branches over the next year, 20 of which will be in Manhattan.

According to WaMu senior vice president of planning and franchise development Karen Curtin, most of the new sites will be former retail shops that are similar in size. “We have a mix of locations,” Curtin tells GlobeSt.com. “We’re very interested in retail sites. Generally, we target sites in the 3,000- to 3,500-sf range but we will address that up or down based on market opportunities–and certainly on market cost.

Curtin won’t disclose details on any of the eight new leases that have been signed so far, though GlobeSt.com reported earlier this year that the bank arranged a 10-year lease at $125 per sf for its first Manhattan lease, a 3,500-sf space at 498 Seventh Ave. Its second city location, 2139 Broadway, was revealed by GlobeSt.com earlier this month. The 5,219-sf space carries an asking price of $225 per sf.

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