Search
 

State Bancorp Gets Midtown Tower Lease

NEW YORK CITY-The New Hyde Park, NY-based company leases the 16th floor at the 780 Third Ave. office tower, which is now 100% leased.

By Natalie Dolce | Updated on August 31, 2007

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.