New York City REIT Offers More Details About CNB’s Lease Extension

NEW YORK—New York City REIT has provided additional details today about its previously disclosed early 10-year lease extension with City National Bank for the retail bank and office space at 1140 Avenue of the Americas in Manhattan. The new lease, which extends CNB’s occupancy at the building until 2033, adds an additional $44 million in gross rent over the lease term. 

CNB will occupy 35,643 square feet at the property including 3,400 square feet of ground floor space as well as the entire second and third floors in addition to a portion of the 16th floor. 

Headquartered in Los Angeles, CNB has occupied space at 1140 Avenue of the Americas since 2012, serving as the anchor tenant for the building. 

As part of the lease negotiations, New York REIT agreed to install a new air conditioning system in the property, according to Todd Korren, principal of Avison Young, who represented the REIT in the transaction. Avison Young has served as the exclusive leasing agent for the 1140 Avenue of the Americas property since 2018.  

Lynn A. Williams and Jeffrey Welch of CBRE represented the tenant and led the CBRE team in the negotiations.

Earlier this month, New York City REIT listed its Class A common stock shares on the New York Stock Exchange.  At the time, CEO Michael Weil made clear his bullish outlook for the city’s commercial real estate market. 

There have been several commitments to long-term leases across the city lately, he noted, including by AIG, which took 545,000 square feet downtown and in NoHo, and Raymond James, which took 160,000 square feet in Midtown. Other deals include Facebook’s recent lease for 730,000 square feet on the west side of Penn Station and TikTok’s lease for 230,000 square feet in Midtown. “We believe that these leases demonstrate the long-term optimism that corporate tenants have for office space throughout Manhattan,” Weil said.