Metropolitan Commercial Bank Renews, Expands Manhattan Lease

December 3, 2024

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The owner plans a $30 million renovation.

Exterior shot of the office building at 99 Park Ave. in Manhattan. — The office building at 99 Park Ave. rises 26 stories in Manhattan. *Image courtesy of CommercialEdge*

Metropolitan Commercial Bank has renewed and expanded its office space at 99 Park Ave., a 600,000-square-foot Manhattan office tower. The company will bring its footprint at the Global Holdings-owned property to some 81,979 square feet.

The anchor tenant signed a six-year lease extension on its current 52,677-square-foot office space covering the building’s 12th and 13th floors. In addition, the bank leased the entire 11th floor with a new 15-year commitment for 26,802 square feet.

JLL Vice Chairman Paul Glickman and Senior Vice President Diana Biasotti worked on behalf of the tenant, while JLL Associate Vice President Kristen Morgan and Associate Harrison Potter represented the landlord.

Manhattan tower slated for renovation

Global Holdings acquired the office tower in 1990 for $104.5 million, according to CommercialEdge information. The property came online in 1953 and underwent cosmetic renovations in 2005.

Designed by Emery Roth & Sons with Art Deco interiors, the 26-story building has floorplates averaging 30,000 square feet, 12,000 square feet of retail space and a tenant-exclusive fitness center. Its roster includes Calypso Technology, Windsor Properties, Bosley, Gould Paper Corp., New York Bankers Association, AKAM, Lubert-Adler and Steward Partners, among others.

The owner plans to invest $30 million to renovate the Class A tower. Designed by VOCON, the improvements will focus on the lobby, facade and amenity spaces. Plans call for a new conference center, entertainment lounge and tenant barber shop and salon. Completion is expected in the first quarter of 2026.

The property is in Midtown Manhattan, half-a-mile from the Empire State Building, Grand Central Terminal and Bryant Park.

Manhattan’s office market had a 16.7 percent vacancy rate in October, down 80 basis points over the year, according to a recent CommercialEdge report. The index was also 270 basis points below the national average of 19.4 percent.