BankUnited is not only landing on Fifth Avenue with a new flagship branch, but it’s also expanding its office space along Park Avenue, Commercial Observer has learned.

The Florida-based bank signed a retail lease for 10,068 square feet on the south corner of Amazon’s tower at 452 Fifth Avenue, also known as 10 Bryant Park. BankUnited also leased more space and signed a long-term extension for its primary New York corner office at 450 Park Avenue.

The new retail space at 10 Bryant Park is on the prominent corner of West 40th Street and spans the ground floor as well as a mezzanine level overlooking Bryant Park. The bank branch expects to open in 2027.

At 450 Park Avenue, BankUnited added an entire 10,392-square-foot office floor and extended its lease on the second floor and mezzanine level for a total footprint of 27,392 square feet.

Together, the two transactions represent a long-term Manhattan commitment of 37,460 square feet.

Kim Mogull, founder and CEO of Mogull Realty, represented BankUnited in both transactions. Mogull has worked with the bank’s leadership team on its commercial space in New York for more than two decades.

CBRE’s Paul Amrich, Neil King, Alex D’Amario, Matthew Dichter and Brooke Dewing represented SL Green Realty, which owns 450 Park.

The asking rent for the lower office floor was $135 per square foot.

Patrick A. Smith, Matt Ogle and Amanda Sujak of JLL represented 10 Bryant Park owner Property & Building Corporation (PBC), whose U.S. arm, PBC USA, is led by CEO Eli Elefant. PBC is controlled by Discount Investment Corporation, one of Israel’s largest real estate companies.

Sources said the asking rent for the Fifth Avenue retail space was in the mid-$400s per square foot.

“New York has been integral to BankUnited’s growth and remains one of our most important markets for building commercial relationships and core deposits,” said Rajinder P. Singh, BankUnited’s chairman, president and CEO. “Our new flagship at 10 Bryant Park in the heart of Midtown and our expanded offices in the Plaza District at 450 Park Avenue reflect our long-term commitment to the city and to the clients and communities we serve here.”

The new flagship is the latest chapter for BankUnited, which launched its brand in the Big Apple in 2013 with three corner branches at 960 Avenue of the Americas in Herald Square, and at 299 Park Avenue and 136 East 57th Street in Midtown, all secured by Mogull.

In 2021, still in the throes of the COVID-19 pandemic, BankUnited added 17,000 square feet at 450 Park Avenue for its new executive offices. With rents down, vacancies at peak and the future of offices up for discussion, the bank secured the entire second floor and mezzanine directly over the Aston Martin auto showroom, with expansive signage wrapping the corner of East 57th Street.

Mogull, who also represented the bank in that deal, quipped at the time, “Never bank against New York.” 

“Our bankers consistently deliver for our clients and our real estate elevates our brand. Highly visible and convenient locations in marquee properties, such as 450 Park Avenue and 10 Bryant Park, don’t often come along,” said Frank Martorana, BankUnited’s senior executive vice president of corporate real estate and general services.

The new retail flagship, meanwhile, will be in the historic portion of 10 Bryant Park, originally designed in the early 1900s. The base also incorporates 1 West 39th Street and the former Kress department store on the western and southern corners.

In recent years, PBC spent a reported $100 million upgrading the Bryant Park property and rebranding it as 10 Bryant Park. In June 2025, PBC leased 52,000 square feet for what will become luxury fitness club Life Time’s “athletic urban country club” set to open in 2027.

However, this past July, PBC tapped Newmark’s Adam Spies, Adam Doneger and Avery Silverstein to sell both 10 Bryant Park and the adjacent 1 West 39th Street, which can become a stand-alone corporate headquarters of nearly 140,000 square feet.

Bids were due last week with the expectation of again reaching well over $800 million. But sources tell CO the process has shifted to a recapitalization of the tower. The outcome, naturally, is dependent on the prospective partners and desired stake.