24 Hour Local Real Estate News

Bain Inks 235K SF Lease at 22 Vanderbilt

Milstein Properties has announced five leases encompassing a total of 460K SF at its tower at 22 Vanderbilt, one of a handful of Manhattan office buildings with direct access to Grand Central station.

At the head of a parade of tenants into the 1.19K SF tower, which used to be called 335 Madison, is Bain & Co., which has inked a deal for 235K SF across four floors of the building, the New York Post reported.

Bain will double its Manhattan footprint when it relocates from the nearby Grace building in 2026.

Also signing lease deals at 22 Vanderbilt were law firm Duane Morris, which is taking 80K SF; TD Securities, which also inked a deal for 80K SF; wealth manager AlTi Tiedemann Global, which signed for 40K SF; and law firm Kennedys, which is leasing 25K SF.

The five leases, which each had rents of more than $100 per SF, brings the occupancy at 22 Vanderbilt to 91%, the Post reported.

"Our New York office has grown exponentially over the last several years, and the way we work has changed since the pandemic," said Allison Gans, co-managing partner of Bain New York, in a statement.

"22 Vanderbilt gives us the opportunity to create a space that works for 2030 and beyond, enabling us to co-create with our clients and to better collaborate as teams. What we're most excited about is the ability to partner with our team to design a space that suits our current and future ways of working," Gans said.

Milstein Properties recently completed a renovation led by architecture and design firm SHoP Architects at the tower, which is located between East 43rd and 44th streets.

The renovation at 22 Vanderbilt included the redesigned Palm Court lobby, which is set beneath the building's signature 29-story atrium; The Terrace, a block-long landscaped outdoor terrace overlooking Grand Central Station; The Conference Center, which includes an in-house production studio for tenant content creation; and The Melangerie, an all-day three-story dining hall with an array of chef-driven concepts.

Reprinted with permission from the Wed, 15 May 2024 06:04:23 EDT online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.