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Standard Chartered Takes 92,000 SF at 1 Madison Ave.

NEW YORK CITY-The UK-based global banking concern replaces the space it lost at 7 World Trade Center with a new headquarters on the entire third floor of the landmark Metropolitan Life tower.

By Glen Thompson | Updated on March 18, 2002

NEW YORK CITY-London-based Standard Chartered Bank has signed a long-term sublease for 92,000 sf at the landmark Metropolitan Life Building at 1 Madison Ave. The full-floor space will serve as the global financial services firm’s North American headquarters.

Insignia/ESG vice chairman Michael Laginestra, executive managing director Scott Gottlieb and senior managing director Phillip Weiss represented Standard Chartered in the transaction, which closed on Thursday. Sublessor Credit Suisse First Boston was represented by Insignia executive managing director Lewis Miller, vice chairman Robert Alexander and consulting director Jason L. Gorman. Sources say Standard Chartered inked a deal in the low $40s for the entire third floor of the building. The firm will employ 400 staff at the new site.

According to Laginestra, the emerging markets bank began its search for a new North American headquarters the day after its approximately 90,000-sf space at 7 World Trade Center was destroyed on Sept. 11. “I got the call on Sept. 12,” Laginestra tells GlobeSt.com.

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