Investment bank Raymond James is growing its New York office on Park Avenue — the corporate-headquarters-heavy corridor industry professionals say has one of the nation's tightest vacancy rates.
Raymond James is subleasing the third-floor space from Flagstar at 320 Park Ave., people familiar with the situation told CoStar News. The floor, spanning more than 38,000 square feet, was part of about 60,000 square feet Flagstar has leased at 320 Park that CoStar data shows doesn’t expire until 2035.
Flagstar, one of the country’s largest regional banks, recently opened a private client office spanning about 21,000 square feet across the first two floors of the property as part of its strategy to expand its business with high-net-worth individuals and family offices while cutting its exposure to commercial real estate lending.
Raymond James didn’t immediately respond to a CoStar News request seeking comment. Flagstar declined to comment.
St. Petersburg, Florida-based Raymond James moved into the 35-story building in November 2021 after consolidating its Manhattan footprint from across four separate offices. It’s already the largest tenant, with about 140,000 square feet before the sublease, according to CoStar data. The 767,000-square-foot tower, opened in 1960, was renovated in 2022.
The expansion comes as Raymond James in October reported its fifth consecutive year of record annual results, thanks in part to gains in its private client group and asset-management segment.
The tower is owned by German reinsurance giant Munich Re, which took over full ownership interest of the property for more than half a billion dollars in one of the city’s largest office deals of 2025.
The 35-story building features large base floors with streetscape views of Park Avenue and St. Bartholomew’s Church, according to its website. Its recent overhaul included a new lobby, infrastructure upgrades and the installation of 25,000 square feet of indoor and outdoor amenities.
Park Avenue has a vacancy rate in the low single digits, driven by demand from financial services firms, industry professionals have said. Properties in the high-profile stretch, such as the Seagram Building, also often command some of the city’s priciest leases as top-dollar rent deals reached record highs in New York last year, a JLL study found.