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22 Vanderbilt Inks Massive New Lease, Midtown Building Now Boasts 91% Occupancy

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By: Benyamin Davidsons

Bain & Co., a top management consulting firm, has signed an impressive new office lease at 22 Vanderbilt Ave., one of the rare Manhattan buildings to offer direct access to Grand Central Terminal.

As reported by Crain’s NY, the Boston-based giant in management consulting, is taking on roughly 235,000 square feet of space at the Midtown office tower, landlord and developer Milstein Properties announced on Monday. Bain & Co will move into the building in 2026, initially occupying four floors. The deal will effectively double Bain’s office footprint. Bain is currently leasing 126,000 square feet of space at the Grace Building at 1114 Sixth Ave., the 49-story Class A office building near Bryant Park owned by Brookfield Properties. The space Bain & Co is vacating at the 1.6 million square foot Grace Building will be taken over by advertising firm Trade Desk, which is expanding its footprint as well, per Brookfield.

Per the Post, Bain was repped in the deal by CBRE’s John Maher, Chris Corrinet and Paul Myers. TD was repped by CBRE’s Ryan Alexander, Matthew Saker and Nicole Marshall. Landlord Milstein was repped by CBRE’s Paul Amrich, Neil King, Jeffrey Fischer, Sacha Zarba and Meghan Allen, with Brookfield Properties’ Duncan McCuaig, David Caperna and PJ Massey.

The 29-story, Class A building, formerly known as 335 Madison Ave. and situated between East 43rd and 44th streets, boasts 1.1 million square feet of office and retail space. About a decade ago, 22 Vanderbilt had been in a difficult spot, when its largest tenant, Bank of America had left. The building, built in 1984, underwent a sprawling quarter-billion-dollar renovation, which also installed 275,000 square feet of new amenities. The upgrade was spearheaded by Michael Milstein, son of company founder Howard Milstein.

Per Crain’s, the building now boasts a redesigned lobby, a fitness center, a landscaped block-long outdoor terrace, a specialty coffee shop, a cocktail lounge, a 3-story dining hall, and of course direct access to Grand Central Terminal. The tenants-only conference rooms and wellness centers span 80,000 square feet. Asking rents for space at the top-notch building range from $105 to $120 per square foot, according to Brookfield, which works with leasing out the property.

Recently, 22 Vanderbilt also inked other new impressive leases totaling another 225,000 square feet. Per the Post, these deals include: law firm Duane Morris which took on 80,000 square feet; wealth manager AlTi Tiedemann Global for 40,000 sf; and global law firm Kennedys for 25,000 sf of space. The new lease by Bain, along with other new leases, brings the office building at 22 Vanderbilt Ave. to an impressive 91% occupancy, per family-run real estate developer Milstein.

Commercial office space in Manhattan is still trying to recover from Covid. Leasing activity was fairly strong in April, per Colliers. Overall, companies leased roughly 2.7 million square feet of space, including around 1.1 million square feet of space in Midtown Manhattan.

Milstein COO Damon Lopez-O’Dwyer said the firm’s success in leasing, even during these tough times for commercial real estate, is attributed to its “setting a new standard for the modern office” and the building being one of only six office building,

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