Cresa Arranges First New York Office for International Finance Bank
Cresa New York’s Peter Sabesan, Managing Principal, and Daniel Taormina, Vice President, have arranged a 10-year lease at 623 Fifth Avenue for International Finance Bank, a privately-held, Miami-based financial institution that is part of the Grupo IF network. The 5,017-square-foot space, which is the Bank’s first New York City office, is being custom-built by the landlord. Cresa’s project management division, headed by James Pirot, Managing Principal, is overseeing the construction of the build-to-suit space, as well as temporary offices in the building.
“International Finance Bank’s decision to open an office in New York City speaks volumes about the economy here and abroad,” says Sabesan. “From day one, our focus was to locate the best space in a building that measured up to the stature of this internationally-respected financial institution.”
Adds Jose Cueto, President and CEO, International Finance Bank, “Cresa understood what we needed, and they were more than capable of meeting those needs. Thanks to their help, International Finance Bank can now provide quality concierge banking services from the heart of New York City. As we eagerly await the build-out of our permanent space, we are confident that Cresa will meet and exceed our standards.”
Located between 49th and 50th Streets, the 475,000-square-foot, 36-story, class-A office tower is owned and managed by Cohen Brothers Realty and anchored by retail giant and world-renowned shopping destination, Saks Fifth Avenue. Cresa’s project management team, which includes Senior Advisor Bernadette Leone, is currently working with the Cohen Brothers’ construction arm on the build-out and design package for International Finance Bank’s permanent 25th floor offices. The Cresa team also prepared the set-up of the bank’s temporary offices on the 15th floor of the building, arranging everything from the office furnishings and pantry, to computer installations, signage and security access.
Points out Obdulio Piedra, Executive Vice President, Head of Business Development, International Finance Bank, “Working with Mr. Sabesan and Mr. Taormina was a pleasure, thanks to their experience and unerring professionalism. Now that we are working with Jim Pirot’s group, we appreciate even more the extra measures Cresa has consistently taken on our behalf.”
Representing the landlord for the transaction in-house was Marc Horowitz, Senior Vice President. The asking rent for the space is $80-per-square-foot. International Finance Bank is expected to take possession of its permanent offices in spring 2019.