July 17, 2017
Bank of America has renewed its lease at 1066 Lexington Ave. on Manhattan’s Upper East Side, signing for 6,768 square feet on the ground floor and another 2,120 square feet on the lower level.
“While other banks have started to reduce their square footage, Bank of America showed incredible foresight by electing to remain on the Upper East Side and investing in the retail submarket,” said Tom Citron, executive managing director for Newmark Knight Frank (NKF). “While the retail landscape on the Upper East Side has changed, it is still one of the wealthiest zip codes in the United States.”
Bank of America, one the nation’s leading financial institutions, is the exception to the recent trend showing similar firms leasing less space, by keeping nearly 7,000-square feet. The Upper East Side, despite seeing little leasing velocity in recent months, is still a prominent neighborhood that features significant spending power.
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