Japanese multinational financial institution Sumitomo Mitsui Banking Corporation expanded its presence at the Stahl Organization’s 277 Park Avenue office tower by 50,000 square feet, bringing its total footprint within the 50-story building to 316,000 square feet.
The length of the lease and the asking rent were not immediately available, but asking rent at 277 Park Avenue can range between $120 and $140 per square foot, according to Cushman & Wakefield. Mark P. Boisi, Bryan Boisi and Stephen Bellwood from C&W represented Stahl in the deal, the New York Post first reported. C&W did not immediately respond to a request for comment.
It is unclear who represented Sumitomo Mitsui Banking Corporation in this expansion deal. However, previous Commercial Observer reporting noted that JLL’s Bill Peters represented the tenant when it expanded its footprint at 277 Park Avenue in 2013. JLL and Sumitomo Mitsui did not immediately respond to a request for comment.
The Stahl Organization refinanced its 1.9 million-square-foot office building at 277 Park Avenue, which is at the corner of Park Avenue and East 48th Street, with a $650 million commercial mortgage-backed securities loan in August of 2024, CO reported.
Other corporate tenants at 277 Park Avenue include private equity firm Arsenal Capital, financial services provider Visa, and industrial real estate agency Link Logistics.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
