NEW YORK CITY-Capital One Financial Corp. announced on Monday it has signed a lease for approximately 250,000 square feet of new office space at 299 Park Ave. The move will bring together more than 550 associates from several office locations—including one at 90 Park Ave.—throughout Manhattan and provide additional space to accommodate future growth.

The lease covers eight floors in a phased occupancy beginning in the third quarter of 2014. Capital One is also leasing the retail space on the northwest corner of the building at 49th and Park and, beginning in 2018, the retail space at the corner of 48th and Park. The bank intends to make the corner spot at 48th and Park into a retail branch, once it has access to the space. Plans for the northwest corner of 49th and Park are not yet in place.

Cushman & Wakefield vice chairmen Dale Schlather and Sam Clark represented Capital One in the deal; Marc Packman, director of leasing and Ken Fisher, partner of Fisher Brothers represented ownership in-house. Bob Alexander, chairman, New York tri-state region; Doug Lehman, SVP and Patrick Murphy, vice chairman of CBRE represented UBS; which is the building's anchor tenant.

“As we continue to capitalize on growth opportunities, consolidating our various offices and providing space for future growth became an imperative,” says Michael Slocum, president of Capital One Commercial Banking. “This move provides a unique opportunity to consolidate our New York City office needs together with a ground floor retail presence along with an ideal branding opportunity in the heart of midtown Manhattan.”

Associates who will be located at 299 Park Ave. are from various business units, including Capital One's commercial and retail bank, human resources and corporate finance. In addition, Capital One currently has 275 branches and employs approximately 4,000 associates in the New York City market.

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

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

National
New York