NEW YORK—City National Bank (CNB) has signed a 15-year lease to occupy 45,000 sq. ft. of office and retail space at 400 Park Avenue. Located on the northeast corner of 54th Street and Park Avenue in the Plaza District office market, the Class A office property, which has served as CNB’s New York headquarters since the company entered the market in 2002, will house a new street-level banking center, as well as expanded office space on upper floors.
Waterman Interests LLC, owner of the property, was represented internally in the transaction. CNB was represented by Lynn Williams, Dale Schlather and Jeff Welch of Cushman & Wakefield.
CNB, a national financial institution, will open a banking center totaling approximately 5,400 sq. ft. on the ground floor in addition to the lower level of the building.
The space includes the corner of the building on the northeast corner of Park Avenue and 54th Street and features 106 ft. of wrap-around frontage as well as 14-ft. floor-to-ceiling windows. CNB also committed to additional office space on the entire second and seventh floors.
Waterman Interests acquired the leasehold interest on the Class A, 21-story property in 2010, and since then has executed capital improvement projects including the installation of new elevators, security systems, common area restrooms, prebuilt tenant spaces and replacement of exterior windows.
