Bank subleases 16,400 s/f midtown space to law firm

Real Estate Weekly,  June 27, 2007  

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Europe's second largest bank after HSBC, UniCredit Group is consolidating its operations at 150 East 42nd Street, in space formerly occupied by HVB, the German banking group that UniCredit Group acquired in 2005.

Accordingly, UniCredit has subleased its former New York office space, 16,400 s/f comprising the entire ninth floor of 430 Park Avenue, to Withers Bergman LLP, an international tax, estate and commercial law firm, for an 11-year term. The law firm currently occupies the 10th floor in the building and will be expanding onto the ninth.

Senior managing directors David R. Dusek and John A. Mambrino, together with Scott Weiss, assistant director from international commercial real estate services firm Studley, represented UniCredit in the negotiations.

Studley's Erik Schmall, corporate managing director, represented Withers Bergman.

"UniCredit is experiencing significant growth, as evidenced by its recent merger with Capitalia Group, the entity, which represents the consolidation of Banca di Roma, Banco di Sicilia, and Bipop Carire Group." said Dusek, who represented UniCredit Group in its lease five years ago at 430 Park. "In order to bring its various divisions together and enhance productivity, the most logical plan was to consolidate operations at the 125,000 s/f offices at 150 E. 42nd Street."

The landlord of the fully occupied 430 Park Avenue is Midwood Management. The attorneys in the transaction were Meryl Sherwood Esq. of Pavia & Harcourt on behalf of UniCredit and Withers Bergman represented itself. Charles Salfeld Esq. of Morrison Cohen represented the landlord.

COPYRIGHT 2007 Hagedorn Publication
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