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State Bank of India renews lease.

State Bank of India, one of the world's largest financial institutions, has renewed its U.S. headquarters 460 Park Avenue, reports Joseph Hilton & Associates, exclusive broker for the bank. The transaction, valued at about $26 million, covers more than 31,000 square feet for a term of approximately 16 years.

"We are delighted to retain Park Avenue as our address, where we have been located for 20 years," said a spokesman for the bank.

"The transaction reflects the importance of Park Avenue as the premier location for international banking," according to Joseph Hilton, president.

Hilton, along with Mike Macrae, assistant vice president; and Paul Chester, vice president, arranged the transaction.

With approximately $50 billion in assets. State Bank of India has 120 employees at 460 Park Avenue, and 293,000 employees world-wide.

The owner of the building, Hahn Kook Center (U.S.A.) Inc., was represented by John Adams of Wm. A. White.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 8, 1992
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