In an important midtown lease renewal and expansion, Malayan Banking Berhad, aka “Maybank”, has leased for its U.S. headquarters 14,812 square feet comprising the entire 11th floor at 400 Park Avenue, at the northwest corner of 54th Street.
Maybank, which subleased a portion of the 9th floor of the building in 1984 to headquarter its U.S. operations, will expand to the entire 11th floor of the building on a direct lease with the building’s owner, Waterman Interests, LLC.
Daniel Horowitz, Executive Vice President, and Gary Kerper, Associate Director, of international commercial real estate services firm Studley, represented Maybank in the long-term leasing transaction. Drew Isaacson, of Waterman Interests, LLC represented the landlord, Waterman 400 Park Associates, LLC.
According to Horowitz, who’s well known for his work with a long list of international banks and other financial institutions, the cache of Park Avenue still
resonates for many foreign banks, despite some having decamped for more modest locations in Manhattan over the last few decades. In the case of Maybank, Horowitz noted that “400 Park Avenue offered the perfect balance of location, value, prestige and stability of ownership.”
It also offered ownership willing to add significant value to the property through a major capital improvement program. Under Waterman’s ownership over the past 24 months, the 22-story tower has received capital investment that has included a redesigned lobby and entranceway, new elevator cabs, façade restoration and replacement of all windows and replacement of antiquated security, HVAC, and electrical/telecommunications infrastructure.
Maybank Group is the leading financial services provider in Malaysia catering to the needs of consumers, investors, entrepreneurs, non-profit organizations and corporations. The Group, which has expanded internationally, has the largest network among Malaysian banks of over 2,200 branches and offices in 19 countries, employing 45,000 Maybankers and serving over 22 million customers.