TD Bank has agreed to renew its lease at a Midtown Manhattan location, according to a report from the New York Business Journal.
The deal also includes adding 26,000 square feet of space on the 26th floor at 125 Park Avenue. That now gives TD Bank a total of 130,000 SF to work with on a 10-year lease extension.
According to 125 Park, the site was finished in 1923 and was previously known as the Pershing Square Building. It’s across the street from Grand Central Terminal and lies between Park Avenue and 42nd Street and spans a total of 654,000-square-feet. While 125 Park has gone under renovation, it has kept the original elevator door design and limestone walls.
The lease with TD puts the building at 100 percent leased. SL Green Realty Corp. owns 125 Park.
“Achieving full building occupancy is further confirmation of the strength of the Park Avenue corridor and increasing tenant desires to be located near Grand Central Terminal,” Steven Durels, executive vice president and director of leasing and real property at SL Green, in a statement.
Manhattan’s overall office sector continues to see more visits. The market set a new post-pandemic record in July, with the levels reaching 72 percent of 2019 marks. Also, the Midtown area led the way in the city, with average office visitations in the area being 75 percent of pre-pandemic levels.
TD has unveiled a plan to open 150 new branches in the U.S. by 2027. However, the Torotno-based financial institution is facing regulatory pressure to safeguard against money laundering. This may wind up costing TD $2 billion, according to some industry analysts, casting doubt that the bank will be able to fulfill its expansion plans.