Newmark is pleased to announce that it has negotiated a renewal for 6,768 square feet of ground-floor retail space for Bank of America on the northwest corner of 75th Street and 1066 Lexington Avenue in Manhattan. They have also maintained their additional 2,120 square feet of usable lower-level space. Newmark Executive Managing Director Tom Citron and Associate Ethan Berenzweig represented the landlord, Patrician Associates, while CBRE represented the tenant.
“While other banks have started to reduce their square footage, Bank of America showed incredible foresight by electing to remain on the Upper East Side and investing in the retail submarket,” said Citron. “While the retail landscape on the Upper East Side has changed, it is still one of the wealthiest zip codes in the United States.”
Bank of America, one the nation’s leading financial institutions, is the exception to the recent trend showing similar firms leasing less space, by keeping nearly 7,000-square feet. The Upper East Side, despite seeing little leasing velocity in recent months, is still a prominent neighborhood that features significant spending power. Located in a residential tower, the space is positioned in an ideal area for foot traffic, and is convenient to a number of different areas. The building is only steps way from a variety of restaurants, hotels and famous landmarks, including Central Park and the Metropolitan Museum of Art.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.