A leading banking institution has expanded its office space in Manhattan by 15,292 square feet. KeyBank concluded a 15-year lease agreement to renew its existing space and expand to a total of 112,924 square feet at 1301 Avenue of the Americas, owned by Elecor Properties. This includes the entire 35th, 36th, and 37th floors, as well as parts of the 28th and 38th floors, according to the landlord.
The exact rent for the office tower in the Plaza District was not publicly disclosed. According to a CBRE report, the average asking rent for office space in Midtown during the second quarter of 2026 was $86.18 per square foot.
Strategic Expansion to Support Growth
John Manginelli, President of KeyBank's Hudson Valley and Metro New York market, stated that as KeyBank continues to grow and adapt to evolving business requirements, its focus is on providing employees with an environment that fosters collaboration and connectivity. The expansion of its presence at 1301 Avenue of the Americas enables the company to support this vision and position itself for further growth and enhanced customer service across the region.
Matthew Astrachan, Justin Haber, Kyle Riker, Adam Hill, and Bob Beckstedt of JLL represented KeyBank in this transaction. On behalf of Elecor Properties, Peter Brindley, Douglas Neye, and Sean Kirk handled the negotiations internally. Matthew Astrachan of JLL described the transaction as highly strategic, addressing multiple priorities simultaneously.
- —Securing additional space for KeyBank's expanding business units.
- —Consolidating teams within a single bank of lifts.
- —Creating opportunities to modernise the existing workplace.
- —Establishing a true New York City headquarters with prominent signage.
Property Background and Change of Ownership
Other tenants in the building, located between West 52nd and West 53rd Street, include the investment bank Piper Sandler. Piper Sandler had already signed a lease for 140,000 square feet in August 2025, when the property was still owned by Paramount Group. In April 2026, Michael Nierenberg's Rithm Capital acquired Paramount Group's 16-building portfolio and rebranded the former Real Estate Investment Trust as Elecor.
