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Credit Suisse signs 2 Manhattan leases.

Credit Suisse signs 2 Manhattan leases

The national commercial real estate firm of Julien J. Studley, Inc. announces that Credit Suisse, one of Switzerland's leading financial institutions, will be relocating its headquarters and support functions to two Manhattan buildings for a total of 250,000 square feet.

Credit Suisse leased 150,000 square feet at Olympia & York's One Liberty Plaza, situated on lower Broadway between Liberty and Cortlandt streets, for its administrative and treasury functions. Terms of the lease call for the Bank to occupy floors two through five in the two million square foot, 53-story office tower.

In conjunction with this move, Credit Suisse has committed to 100,000 square feet at Tower 49, located at 12 East 49th Street between Fifth and Madison avenues, which will be its headquarters and marketing site. The Bank is taking space on floors 39 through 45, which formerly was occupied by its affiliate, First Boston Corporation.

The midtown New York office of Julien J. Studley, Inc. acted as broker in the lease negotiations at One Liberty Plaza, and served as consultant to the Bank on the Tower 49 project. Members of the Studley team were Maurice H. Solomon, vice-chairman; Frederick Kane Marek, senior vice president; and Howard Grufferman, senior managing director.

Both operations are relocating from 100 Wall Street, where the Bank has maintained its headquarters for over 20 years. The move into Tower 49 is scheduled for November of this year, while the Liberty Plaza occupancy is slated for early 1993.

Commenting on the assignments, which formally began two years ago, Solomon said, "The decision to split office functions is reflective of an important trend in New York City. Many financial institutions are relocating their business units to strategic Midtown locations, while maintaining operational functions in technologically superior product downtown." He added, "We believe this transaction is a testament to the economic viability of Manhattan, as well as to New York's status as a world financial cenler."

The attorneys for Credit Suisse were Charles Dubroff and Linda Warren of Sullivan & Worcester.

Architectural and construction services were provided by John Francis Borrelli and Rocky Meli.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jul 10, 1991
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