Signature Bank creates more space at 1400 Broadway at ESRT
Signature Bank President Joseph DePaolo outside 1400 Broadway (Signature Bank, Google Maps, iStock)
Signature Bank is once again ringing the bell for its office expansion, adding more square footage to a large stock of space in the Garment District.
The company is adding nearly 33,000 square feet to its space at Empire State Realty Trust’s 1400 Broadway, the Commercial Observer reported, claiming the 16th floor under a long-term lease. The expansion expands Signature Bank’s footprint to more than 313,000 square feet between West 38th and West 39th streets, occupying 11 of its 37 floors.
The asking rent for the bank’s latest expansion is unclear. According to the Observer, the asking rent for his last 15-year lease was $67 per square foot.
Signature Bank was represented by a team of Colliers including Michael Cohen and Andrew Roos in the lease. ESRT was represented by a Newmark team including Scott Klau and Erik Harris, as well as internally by Ryan Kass.
It’s a familiar refrain for Signature Bank, which is carrying out its second expansion into the office building this year. In January, the business expanded to over 168,000 square feet, adding to a portfolio that already had over 112,000 square feet at the time.
Previously, Signature Bank increased its footprint in November 2018 by approximately 21,000 square feet. The deal came months after signing a 15-year lease for more than 91,000 square feet across three floors of the office building.
The multifamily lender broke its revenue record in the fourth quarter, posting earnings per share of $4.34, compared to $3.26 in the last quarter of 2020. Revenue increased to more than $569 million, up from ‘approximately $419 million over the previous year. Meanwhile, total deposits reached $106 million, up 40% year-on-year, and loans reached around $65 billion, up 25%.
Office lessor ESRT has diversified its portfolio in recent months. CEO Tony Malkin promised in February that more multi-family deals were on the way for the REIT after its $307 million purchase of two Manhattan apartment buildings, which added 625 residential units to its portfolio.
[Commercial Observer] —Holden Walter-Warner
