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Silicon Valley Bank Doubled Their Manhattan Office Space

svbThe West Coast established Silicon Valley Bank recognized for catering to tech firms has nearly doubled their Manhattan office space, taking over an entire floor at 387 Park Avenue South. This move is expected to bring New York City one step closer to the tech community.

Established in Santa Clara, California, the financial institution leased 20,000 square feet, relocating to the new space from the current 10,400 square feet space located at 303 Fifth Ave. After their move, Silicon Valley Bank will sublease their current space.

Matthew Leon, an associated with Newmark Grubb Knight Frank, help to broker the deal, negotiating on behalf of the building’s landlord TF Cornerstone, as well as Chip Sealy, an executive at TF Cornerstone. According to Silicon Valley Bank representative Robert Tunis, the intention of the move is to grow and become closer to clients they finance in the tech sector. Park Avenue South  has easily matured into one of the most essential for office space in midtown south, nestled in a neighborhood that’s become a home for multiple tech companies within recent years.

“It’s where their constituency is,” said Tunis, who along with Ferriello will handle the sublease of the bank’s space at 505 Fifth Ave. “This new office puts them closer to that. You go where your business is.”

This latest deal is just one of many signed with TF Cornerstone since their multi-million dollar renovation of 387 Park Avenue South, which involved installing a private roof deck, a new façade for the three lowest floors of the building, new elevators, and HVAC. Criteo, a tech firm, leased the top three floors of the building last year, which granted them exclusive access to the private roof space. Criteo later leased another floor, taking on additional square feet.

Only the ninth and a portion of the eighth floors are presently available at the 13-story property. Also, the third  floor will soon become vacant when SUNY Stony Brook’s 10-year lease expires at the end of the month.

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