Bain & Co., a giant in the world of management consulting, has inked a massive new office lease at 22 Vanderbilt Ave., one of the few Manhattan buildings that offers direct access to Grand Central Terminal.
The company is taking about 235,000 square feet at the Midtown office tower, landlord Milstein Properties announced Monday. It will move to the building in 2026 and occupy four floors to start, effectively doubling its office footprint.
Bain is moving to 22 Vanderbilt Ave. from Brookfield Properties’ Grace Building at 1114 Sixth Ave., by Bryant Park. Advertising firm Trade Desk is taking over Bain’s space there, expanding its own footprint by 126,000 square feet, according to Brookfield.
The Bain lease, along with four other new leases from law firms and financial firms totaling about 225,000 square feet, brings 22 Vanderbilt Ave. to 91% leased, according to Milstein.
The family-run real estate firm recently finished a major redevelopment of 22 Vanderbilt that added more than 275,000 square feet of amenities to the property. These include a redesigned lobby, a fitness center and a landscaped outdoor deck overlooking Grand Central. The property includes a specialty coffee shop, a cocktail lounge and a 3-story dining hall as well.
The property is also known as 335 Madison Ave. and suffered a big blow about 10 years ago, when Bank of America left its roughly 230,000-square-foot space in the building. The office tower dates back to 1984, and it spans about 1.1 million square feet and stands 29 stories tall, according to commercial real estate database CoStar. Asking rents range from $105 to $120 per square foot, according to Brookfield, which assists with leasing at the property.
Manhattan’s office market is still struggling to bounce back from Covid, but leasing activity was fairly strong in April, according to Colliers. Companies leased about 2.7 million square feet of space overall, including about 1.1 million square feet in Midtown.
Eddie Small , 2024-05-13 18:16:05
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