Growing finance firm expands to 80,000 s/f at 445 Park.

Dexia Credit Local, a major European financial services company, recently expanded and extended their lease at 445 Park Avenue.

445 Park Avenue is a full blockfront class A office building located at 57th Street and Park Avenue.

Paul Revson, a principal of The Staubach Company of New York, represented Dexia in the negotiations; he was assisted by Ethan Rice and Clayton Kline of Staubach. The landlord of the property, Park Avenue Properties Associates, LLC, was represented by Mordecai Elazary and Robert Finklestein of Dakota Realty Group.

Dexia leased the entire 5th floor of approximately 20,000 s/ft; they now occupy the entire 5th-8th floors of the building totaling almost 80,000 s/f.

Concurrently, Staubach negotiated a long term extension for all of Dexia's space in the building. No details of the financial terms of the transaction are available at this time, but comparable office space on Park Avenue has leased for $70-$80 per square foot. Dexia, which has the exterior signage at 445 Park Avenue, continues to be the largest tenant in the building

Revson commented "Given the recent availability of contiguous space coupled with Dexia's plans for future growth in New York, the bank determined that it was the right time to solidify their position within the building for the long term."

David Eisendrath, executive vice president of Dexia, noted that the objective was to ensure space availability for its expanding business within the public finance, structured finance, treasury and financial markets areas. He added, ""Dexia has experienced significant growth in all business lines and it became necessary to ensure adequate space was available to continue to accommodate our growth projections."

Elazary added "On behalf of the landlord, we are delighted to have the opportunity to cooperate with Dexia in implementing their strategy to expand their US headquarters."