Shinhan Bank Heads to 750 Seventh Avenue


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Shinhan Bank America, the U.S. arm of one of the largest financial institutions in Korea, has signed a new office lease at 750 Seventh Avenue, according to landlord broker CBRE.
The Seoul-based bank took 15,279 square feet on the entire 26th floor of the 36-story building, as The New York Post first reported, bringing the 561,000-square-foot property up to 91 percent leased. Asking rent in the 15-year lease was $79 a square foot.
The company is moving from 12,000 square feet on the 17th floor of 600 Third Avenue in Midtown East. It also has a headquarters office at 475 Park Avenue South, which it rented in March of 2019.
The Roche-Dinkeloo-designed building was constructed in 1990 and occupies an entire block front on Seventh Avenue between West 49th and West 50th streets, just north of Times Square. Over the past few years, landlord Fosterlane Management has renovated and modernized the elevator cabs and installed a new bike room. The property also has two amenity floors that offer conference facilities, a large training room, a cafe and a grab-and-go coffee counter.
CBRE’s Howard Fiddle, Brett Shannon, Arkady Smolyansky, Evan Fiddle and Jacob
Rosenthal represented the owner. Matthias Li and Cole Chartash of Cushman & Wakefield handled the deal for Shinhan. A C&W spokesperson didn’t immediately return a request for comment.
Fiddle said in a statement that the landlord is “committed to providing the best possible experience for both existing and new tenants at 750 Seventh Avenue, as demonstrated by their recent investment in the building and ability to construct first class installations.”
Other tenants in the building include Morgan Stanley and law firm Mendes & Mount, and retailers such as Junior’s Cheesecake and Starbucks.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
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