1345 Avenue of the Americas went by means of a large-scale capital enchancment mission that concerned the addition of an amenity flooring. Picture courtesy of CommercialEdge
Within the largest workplace lease of the yr, Fisher Brothers and institutional buyers suggested by J.P. Morgan World Options have signed a 20-year, 765,000-square-foot settlement at 1345 Avenue of the Americas, an roughly 2 million-square-foot workplace constructing in Midtown Manhattan.
Legislation agency Paul, Weiss, Rifkind, Wharton & Garrison LLP will relocate its headquarters to 18 flooring of the 50-story tower. The tenant was represented by Newmark, whereas CBRE, Holland & Knight LLP and an in-house staff labored on behalf of the owner.
Different tenants on the tower embrace Brevan Howard, who signed an 83,403-square-foot lease enlargement final yr, AllianceBernstein, Virgo Enterprise Middle and Peter J. Solomon Co. Earlier in 2023, Greenspoon Marder LLP signed a 41,613-square-foot sublease on the skyscraper.
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Relationship again to 1969, the high-rise options floorplates ranging between 27,638 and 44,021 sq. toes, in accordance with CommercialEdge information. The LEED Silver-certified constructing additionally has some 45,000 sq. toes of retail area and 31 passenger elevators.
A not too long ago upgraded property
The tower underwent a number of beauty renovations all through the years. In 2021, Fisher Brothers and J.P. Morgan applied a $120 million capital enchancment program that concerned upgrades to the constructing exterior and a brand new foyer with touchless elevators. Plans additionally known as for a brand new amenity flooring, dubbed @Ease 1345, that includes 5,500 sq. toes of versatile assembly area, a tenant lounge, a wellness heart, hybrid assembly areas and an occasion capability of as much as 440 visitors.
The 50-story tower’s foyer was renovated in 2021. Picture courtesy of CommercialEdge
Positioned between 54th and fifty fifth streets, the workplace tower is lower than a mile from Rockefeller Middle and three.6 miles from Decrease Manhattan. John F. Kennedy Worldwide Airport is inside 17 miles.
Fisher Brothers’ Head of Leasing Marc Packman, Senior Director of Leasing Clark Briffel, Director of Leasing Charles Laginestra and Assistant Director of Leasing Josh Fisher negotiated the deal. CBRE’s staff was led by Vice Chairmen Howard Fiddle and Peter Turchin, First Vice President Ben Joseph, in addition to Government Vice Presidents William Iacovelli and Anthony Dattoma, whereas Holland & Knight’s staff included Companion Russ Rabinovich and Affiliate Jennifer Haberman. The Newmark staff that represented the legislation agency was led by Vice Chairmen Moshe Sukenik and Chris Mongeluzo, along with Senior Managing Director Brian Cohen.
Workplace leasing in Midtown Manhattan
In one of the vital latest offers in Midtown, PJT Companions renewed and expanded its lease at SL Inexperienced Realty Corp. and Vornado Realty Belief’s 1.3 million-square-foot 280 Park Ave. tower. The funding financial institution dedicated to 270,000 sq. toes for 15 years. One other giant long-term deal was Weill Cornell Medication’s enlargement to 300,000 sq. toes at 575 Lexington Ave., a 745,000-square-foot constructing additionally within the Plaza District.
In accordance with the newest CommercialEdge workplace report, as of November Manhattan had a emptiness charge of 17.4 p.c, 80 foundation factors decrease than the nationwide common. The borough maintained its place as the most costly marketplace for workplace leasing, with a median of $70.8 per sq. foot—dropping 5.3 p.c year-over-year.
