Webster Bank and Signers National Expand Their Footprint at 360 Lexington Avenue
In a significant move for the New York City office market, Webster Bank and Signers National have secured leases at AmTrust RE’s 360 Lexington Avenue, showcasing a robust demand for premium office spaces.
Webster Bank’s Renewed Commitment
Webster Bank has finalized a substantial renewal of its lease, extending its space from 30,621 square feet to an expansive 46,018 square feet. This growth includes a new addition of 15,397 square feet across three full floors in the property.
Michael O’Connor, head of corporate real estate at Webster Bank, commented, “360 Lexington is an ideal location and will help us better serve the growing needs of our customers.” This expansion follows the bank’s earlier move in 2022, during which it increased its presence from 22,522 square feet to encompass the entire sixth floor.
Signers National’s Headquarters Relocation
Meanwhile, Signers National, an established network of insurance companies, has signed a new lease for approximately 15,000 square feet across two floors at the same 24-story building. This relocation is a strategic decision to better align with their operational needs and will transport their headquarters from the nearby 420 Lexington Avenue.
CEO Joshua Lamberg expressed optimism about the move, stating that the new office “will allow us to better collaborate, grow our team, and continue delivering exceptional service to our clients.”
Market Context and Insights
While specific lease lengths and rental rates were not disclosed, a recent report from Colliers indicates that average office rents in Midtown reached approximately $79 per square foot as of February. Jonathan Bennett, president of AmTrust, noted that the recent leasing activities highlight a growing interest in well-situated office spaces, contributing to a positive trend in New York City’s office market.
The Role of JLL in the Negotiations
The leasing deals for Webster Bank were facilitated by JLL’s Jeff Szczapa and Drew Saunders, while the representation for AmTrust was handled by Mitchell Konsker, Benjamin Bass, Barbara Winter, and Thomas Swartz, also from JLL. Details regarding the broker for Signers National’s lease remain unspecified, and a JLL spokesperson has not yet responded to inquiries about these transactions.
Future Renovations and Amenities
AmTrust, which acquired the building in November for $65.5 million, plans to enhance the property with renovations slated for completion by year-end. Upcoming improvements will introduce new amenity spaces featuring lounge areas, conference rooms, a café, and recreational facilities.
Other Notable Tenants
360 Lexington Avenue hosts a variety of tenants, including Kenneth Park Architects and Napoli Shkolnik, alongside retail options such as Starbucks and MakiMaki Sushi. This diverse occupancy contributes to the building’s vibrant community.
For further updates, Isabelle Durso can be reached at id****@****************er.com.