Economical huge Raymond James symptoms large business lease on Park Avenue

Financial giant Raymond James signs big office lease on Park Avenue

There is lifestyle in the Midtown business market after all.

Monetary services large Raymond James has signed for 160,000 sq. toes at 320 Park Avenue, The Publish has realized – a dazzling location in a close to-lifeless workplace leasing market place, and superior news for in the vicinity of-deserted Park Avenue primarily.

The St. Petersburg, Fla.-dependent company, whose identify adorns the Tampa Bay Buccaneers’ NFL stadium, is consolidating from various lesser Manhattan locations.

The Park Avenue signing confounded reports final spring that Raymond James had place the brakes on the possible deal owing to the Covid-19 disaster. Manhattan place of work leasing in the second quarter was a mere 3.18 million square toes, in accordance to Colliers Worldwide — down 72 p.c from the exact quarter in 2019 and the cheapest quarterly overall due to the fact recession-wracked 2009.

The 730,000 square-foot tower concerning East 50th and 51st streets is owned by Mutual of The usa, which lately place some of its area up for sublease.

Raymond James Financial is traded on the NYSE and will announce its 3rd-fiscal quarter effects after markets close on July 29. The business services people, companies and municipalities by way of subsidiaries that include expense banking and asset administration. It reported $7.4 billion in revenue and web income of $1.03 billion for 2019.

Resources verified the lease was signed by each sides and only awaited ultimate loan provider acceptance – a frequent technicality not probably to influence the deal.

JLL represented the landlord and Cushman & Wakefield acted for the tenant. No other details, such as conditions, were instantly accessible. No one particular was offered to remark.

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