New Lease Details

The State Bank of India (SBI) has secured a lease for 41,700 square feet across three floors—33, 39, and 40—of the iconic 425 Park Avenue. This prestigious tower, developed by L&L Holding Company, is home to several notable financial institutions, including Citadel.

Features of the New Office Space

Each floor will cover approximately 13,900 square feet, offering stunning views of Central Park. This move comes as SBI prepares to vacate its current offices at 460 Park Avenue, which are undergoing renovations. Currently, SBI operates in roughly 33,436 square feet at this location, encompassing the second and third floors.

Future Plans and Project Management

SBI intends to occupy the newly leased space by early 2026. Public records indicate that the bank is actively seeking contractors to build out this space, with Cushman & Wakefield appointed as the project manager. Michael Burgio from C&W reportedly represented SBI in the transaction.

While the specifics regarding the lease duration remain undisclosed, reports suggest that asking rents in the building have been observed in the upper range, with prices reaching $300 per square foot.

Current Occupants and Amenities

425 Park Avenue is not only a hotspot for SBI but also home to various prestigious tenants, including private equity firms such as GTCR and Hellman & Friedman, alongside hedge fund Maverick Capital and Wafra Capital Partners.

Designed by Foster + Partners, the building boasts exceptional amenities, including the Diagrid Club on the 26th floor, which features an installation by artist Yayoi Kusama, as well as facilities for meditation provided by the David Lynch Foundation.

Health and Safety Features

The building, which opened amid the pandemic, is WELL-certified, ensuring a focus on health and well-being. Amenities designed for safety include advanced air filtration systems, ultraviolet radiation purification, and sound mapping technologies aimed at reducing noise levels.

Dining Options

At the base of the building, the Jean-Georges Vongerichten restaurant, Four Twenty Five, serves as a high-end dining option for tenants and visitors alike.