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PNC Bank Leases 83000 Square Feet Office At 437 Madison Avenue Under 15 Year Term

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LEASED
Michael Pallas
Michael Lenchner
+ 8

New York

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Office83,000 SF
Leased
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Property Image
LEASED

PNC Bank Leases 83000 Square Feet Office At 437 Madison Avenue Under 15 Year Term

437 Madison Avenue

See Similar Deals
Office83,000 SF
Leased
Michael Pallas
Michael Lenchner
+ 8
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:83000 SF
Transaction Type:Lease

The property asset involved in this transaction is an office space located at 437 Madison Avenue in the Midtown East market. The asset comprises 83,000 square feet of space and is currently leased to PNC Bank after its relocation from 340 Madison Avenue.

Summary of transaction details:

This transaction highlights the key roles of various individuals and companies. Jonathan Iger serves as the landlord while PNC Bank represents the tenant. The landlord's representatives from JLL and Sage played a crucial role in the leasing process, alongside the tenant's representatives from Newmark, underlining the collaborative nature of this transaction.

Players

Frank Doyle
25 deals$538.2M volume
BROKER

Andrew Coe
JLL
16 deals$500M volume
BROKER

David Falk
Newmark
55 deals
BROKER

Peter Shimkin
Newmark
29 deals$10M volume
BROKER

Michael Lenchner
6 deals
BROKER

Jonathan Franzel
Newmark
18 deals
BROKER

David Simson
Newmark
11 deals
BROKER

David Kleiner
JLL
13 deals
BROKER


Margaux Kelleher
JLL
9 deals
BROKER

Jonathan Iger
6 deals$587.5M volume
LANDLORD

PNC Bank
TENANT

Details

LEASED
IMAGE: Michael Pallas, Margaux Kelleher, Andrew Coe, David Kleiner, Frank Doyle, Michael Lenchner, Jonathan Iger, Peter Shimkin, David Falk, Jonathan Franzel & David Simson DATE: 05/08/2025 ADDRESS: 437 Madison Avenue MARKET: Midtown East ASSET TYPE: Office ~ SF: 83,000 LANDLORD: Jonathan Iger - Sage TENANT: PNC Bank LANDLORD'S REP: Andrew Coe (@NYCOfficeDigs), David Kleiner, Frank Doyle, Margaux Kelleher (@MargauxKelleher), Michael Pallas - JLL (@JLL) & Michael Lenchner - Sage TENANT'S REP: David Falk, David Simson, Jonathan Franzel & Peter Shimkin - Newmark (@Newmark) LEASE TERM: 15-year lease NOTE: PNC Bank signed a 15-year lease for 83,000 square feet at 437 Madison Avenue, relocating and expanding from its longtime office at 340 Madison Avenue. -Sage

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Deal Type
Effective Rent (Annual)

$4,757,509.91

Total Lease Value

$47,575,099.14

Net Landlord Cash Flow$4,757,509.91