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Chang Hwa renews at 685 Third Ave.

Chang Hwa Commercial Bank has renewed its 13,683 s/f New York branch lease at 685 Third Avenue, owned by TIAA-CREF.

The bank signed a 15-year deal at $75 psf. The bank has occupied the entire 29th floor in the 667,069 s/f, 31-story building between East 43rd and East 44th Streets since 2002.

Soon H. Rhee, of First New York Realty Brokers represented CHB in the deal along with Norman Bobrow, the president of the firm. JLL's Dan Kollar represented TIAACREF.

Rhee originally placed CHB at 1 World Trade Center when the bank first came to the United States from Taiwan in 1988. The bank went through the WTC's bombing in 1993 and then eight years later it was misplaced due to the events of Sept. 11. In February 2002, the bank relocated to 685 Third Avenue.

TIAA-CREF acquired the property for $190 million in 2010.

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Comment:Chang Hwa renews at 685 Third Ave.
Publication:Real Estate Weekly
Date:May 20, 2015
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