Industrial and Commercial Bank of China has chosen a location known for its international appeal to set up its first US outpost: Trump Tower at 725 Fifth Ave.
The bank – said to be the world’s largest in terms of global market value – signed a deal for the 20th floor, about 14,256 square feet. Donald Trump said the tower’s office space is now fully leased.
Although Trump Tower is most famous for its retail atrium that’s now home to Gucci and for its tony condo apartments, it also has about 200,000 square feet of office space on floors 14-26, with some of the highest rents in the world – “in the $150-$175 a square foot category,” Trump said yesterday.
The Chinese bank “is taking a small space, but they’re a great tenant,” Trump said. ICBC boasts a total market value of $338.9 billion.
Cushman & Wakefield’s William Fressle and Louis D’Avanzo repped ICBC; the same firm’s Jared Horowitz and Paul Glickman acted for the Trump Organization.
Cushman’s Horowitz said, “ICBC exemplifies the type of quality tenancies that Trump Tower has attracted throughout its marketing campaign.”