State Bancorp Gets Midtown Tower Lease

NEW YORK CITY-New Hyde Park-based State Bancorp Inc. has signed a lease agreement for 9,425 sf of executive office space on the entire 16th floor of 780 Third Ave. in Midtown. The transaction renders the 50-story office tower 100% leased, with rental rates for 2008 being quoted at $110 per sf.

“Although this asking rate has occurred in other areas of Midtown, namely the Park Avenue District, the fully leased status of 780 Third Ave. is a significant milestone because this trophy building rivals prominent office properties in some of Manhattan’s most elite business districts,” says Greg Smith, EVP of JRT Realty Group Inc., who spearheads the leasing and property management team, which includes JRT’s strategic alliance partner, Cushman & Wakefield. Harry Greely of Cushman & Wakefield and JRT Realty represented the tenant and building owner, locally based TIAA-CREF, respectively.

State Bancorp is relocating office operations from within Manhattan and establishing banking and trading operations at 780 Third Ave. Established in 1966 as the holding company for State Bank of Long Island, State Bancorp’s general banking services focus on small to mid-sized businesses, municipal and consumer markets. Currently, the bank operates 16 branches and a lending center.