Fosterlane Realty Signs Manhattan Tower Tenant
Shinhan Bank’s commitment brought the office building's occupancy to 91 percent.
750 Seventh Ave.
Fosterlane Realty has landed a new tenant at 750 Seventh Ave., a 36-story office tower in Midtown Manhattan. South Korean financial institution Shinhan Bank will occupy 15,279 square feet on the building’s 26th floor. CBRE negotiated on behalf of the landlord, while Cushman & Wakefield represented the tenant.
Manhattan’s office vacancy reached 14.1 percent by the end of the second quarter of 2022, marking a 330-basis-point expansion on a year-over-year basis, according to CommercialEdge. Furthermore, New York City’s largest office lease so far this year was recently signed in the borough.
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Completed in 1988, the high-rise at 750 Seventh Ave. was completely renovated in 1999, according to CommercialEdge information. Designed by Kevin Roche of Roche-Dinkeloo, the 591,159-square-foot building includes 11,100 square feet of retail space. The LEED Silver certified property features two amenity floors with conferencing facilities, a training room, a full café, a coffee counter and a new bike room. Floorplates range between 11,000 and 26,000 square feet.
The property is in the Theater District, two blocks north of Times Square and a few blocks away from Rockefeller Center. The location provides easy access to 49th and 50th Street stations, with several dining and retail options nearby.
The Shinhan Bank lease brought the office building’s occupancy to 91 percent. The tenant roster also includes Mendes & Mount and Morgan Stanley, which leases 414,759 square feet.
CBRE’s Howard Fiddle, Brett Shannon, Arkady Smolyansky, Evan Fiddle and Jacob Rosenthal represented Fosterlane. Matthias Li and Cole Chartash of Cushman & Wakefield assisted Shinhan Bank.
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