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Three Major Tenants Renew, Expand at 1251 Ave. of the Americas
NEW YORK—Mitsui Fudosan America and Newmark announced on Oct. 6 three recently completed leasing transactions totaling more than 230,000 square feet at 1251 Ave. of the Americas bringing the 54-story office tower to 99% leased.
The building has maintained strong leasing momentum despite pandemic-induced tenant uncertainty that has stalled leasing activity in other parts of the city, Newmark and Mitsui Fudosan officials stated. The three transactions include Lowenstein Sandler for 125,700 square feet, Berenberg Capital Markets for 62,400 square feet and TCW for 44,100 square feet.
The Newmark team of New York Tri-State Region President David Falk, Vice Chairman Peter Shimkin, Executive Managing Director Eric Cagner, and Managing Director Nick Berger represented asset owner Mitsui Fudosan America in the transactions.
“We are delighted that these three prestigious tenants chose 1251 Ave. of Americas in which to grow their spaces and reinforce their commitment to NYC,” said Christopher Perez, Senior Vice President at Mitsui Fudosan America, Inc. “We value their trust and appreciate their understanding of our mission to maintain 1251’s unique position as an exceptional property where businesses thrive.”
The largest transaction was law firm Lowenstein Sandler’s renewal and expansion for a total of 125,700 square feet. The firm extended its existing lease on floors 17-19 and expanded into an additional 25,000 square feet on the 19th floor. Lowenstein Sandler was represented by Michael Goldman and Philip Weiss of AttentivRE.
German bank Berenberg Capital Markets doubled its footprint at 1251 Ave. of the Americas, extending its lease for 31,700 square feet on the 53rd floor and expanding into an additional 30,700 square feet on the 52nd floor, for a total occupancy of 62,400 square feet. Berenberg Capital Markets was represented by Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL.
In addition to these transactions, asset management firm TCW extended its 44,100-square-foot lease on the 47th floor for a 10-year term. TCW was represented by James Travers of Cresa and Keith Caggiano of Avison Young.
“1251 Ave. of the Americas has remained one of the busiest buildings on 6th Avenue despite the uncertainty surrounding COVID-19,” said Shimkin. “It’s very refreshing to see tenants growing in this market and doubling down on their commitment to office space in New York City.”
1251 Ave. of the Americas is a 54-story, 2.3 million-square-foot, Class A office tower situated atop the Rockefeller Center subway hub and located on Avenue of the Americas between 49th and 50th streets. The landscaped plaza surrounding the building features a garden park and water feature and the largest commercial office building pool in New York City. The building is currently undergoing a major capital improvement program that includes a fully renovated lobby, new destination dispatch elevators and a 15,000-square-foot tenant amenity space. With the recent expansion of these tenants, 1251 Ave. of the Americas is now 99% leased.
According to Newmark Research, the Midtown office market has begun to stabilize with multiple large relocation transactions and slight rent increases during the second quarter of 2021. Midtown leasing activity totaled 3.0 million square feet during the second quarter, a year-over-year increase of 31.7%.