Banking regulator renews at 340 Madison Ave.
November 20, 2013

Office of the Comptroller of the Currency

Despite all the talk about trendy midtown south and affordable downtown, financial sector tenants are still alive and well in midtown, and so are those who work with them. The latest proof is the Office of the Comptroller of the Currency. The federal agency that regulates and supervises national banks has renewed its roughly 110,000-square-foot lease at 340 Madison Ave., which fronts the whole block on the avenue between East 43rd and 44th streets.

Under the deal, the OCC will remain in the building through 2023. Asking rents for lower floors at the 22-story, 660,000-square-foot property are in the $60s per square foot. The OCC extended its hold on floors 4, 5, 9 and 10 in the deal.

"They're close to the mother ships of all the financial institutions that they work with here," said Bill Elder, an executive at RXR Realty, the building's landlord. "They, along with a lot of tenants in the financial business, realize that midtown is still the best location to be in."

A leasing team from the brokerage firm Studley, led by Ken Ruderman, represented the OCC in the deal.

Banking regulator renews at 340 Madison Ave.

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