NEW YORK Credit Suisse First Boston is vacating 1.3 million square feet of office space on Park Avenue, but the vacancy wont last long.
A subsidiary, CSFB Realty Corp., announced last week that it had leased the sought-after location to J.P. Morgan Chase & Co.
Drew F. OMalley of CSFB Realty did not disclose the financial terms of the 20-year lease but said it was one of the largest lease transactions in New York history.
On a per-foot basis, Mr. OMalley said, the lease is almost as lucrative as the one President Clinton has reportedly negotiated for his post-presidential office: $650,000 a year for an 8,300-square-foot suite in Manhattans Carnegie Tower, or $78.30 per foot.
Were south of that figure, but not by very much, he said.
J.P. Morgan Chase will move into the space at 277 Park Ave. in several phases beginning mid-April, Mr. OMalley said.
The building had served as corporate headquarters for Donaldson Lufkin & Jenrette, which merged with Credit Suisse First Boston last November. Credit Suisse is moving the former DLJ staffers about 22 blocks south, to a building nearer its headquarters, Mr. OMalley said.