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US Bancorp Moving to Bryant Park in Midtown Manhattan

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U.S. Bank is moving its Midtown headquarters to 3 Bryant Park, at 1095 Sixth Avenue, between 41st and 42nd street.

U.S. Bank is moving its Midtown headquarters to 3 Bryant Park, at 1095 Sixth Avenue, between 41st and 42nd street. It will sublease nearly 69,000 square feet from MetLife. U.S. Bank can stay there until 2029, when MetLife’s original lease expires, according to The Real Deal. The rent amount was not disclosed.

U.S. Bancorp is an American financial services holding company provides banking, investment, lending, mortgage, trust, and payment services products to individuals, businesses, non profit organizations and government entities. It is the fifth largest commercial bank in the United States. The company was founded in 1891, and its headquarters are in Minneapolis, Minnesota.  With Richard Davis as CEO, the company has $422 billion in assets and operates 3,133 banking offices in 25 states. According to Forbes, U.S. bank’s revenue for the year was over $21 billion. The company has over 65,000 employees nationwide.

U.S. Bank is currently operating in an office about the same size at the SL Green Realty’s 461 Fifth Avenue tower.  The bank, formerly known as Firstar Bank National Association, operating as a subsidiary of US Bancorp, has been 461 Fifth Avenue’s anchor tenant. The iconic Fifth Avenue tower is directly across from the New York Public Library, with a 10-story base followed by another sleek 18-stories, boasting a total of 200,835-square-feet.

The move will provide more efficient space for U.S. Bank and is set across multiple floors, said Michael Burlant, of Cushman & Wakefield. Bruce Mosler led Cushman & Wakefield in brokering the deal as the representative for MetLife.

Met life moved into its namesake building at 200 Park Avenue, expanding into its 500,000 square feet of space. MetLife moved out of but still leases about 400,000 square feet at 3 Bryant Park. The insurance giant has already subleased 300,000 square feet to Salesforce, a San Francisco-based cloud software company. The Met life signage on the tower has already been replaced to welcome Salesforce.

The 41-story tower at 1095 Sixth avenue is owned in a partnership by Ivanhoe Cambridge, the Canadian Property investor, and Chicago-based fund manager Callahan Capital Properties. They purchased the tower in January 2015, from the Blackstone Group for $2.2 billion. Last August, the pair sold 49 percent of the building’s shares to an investment fund belonging to Hong Kong’s central bank for $1.15 billion. The 1.2 million-square-foot tower is now valued at $2.35 billion. The building is mostly all occupied, with Whole Foods leasing the ground floor’s retail space.  Other prominent tenants include Verizon and Dechert LLP.

By:  Joseph Kadinsky 

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