1251 Avenue of the Americas rises 53 tales in Midtown Manhattan. Picture courtesy of CommercialEdge
Monetary advisor Solomon Companions has signed a 15-year lease with Mitsui Fudosan for 70,000 sq. ft at 1251 Avenue of the Americas in Manhattan. The agency will relocate and broaden its headquarters from the 42,000 sq. ft it at the moment subleases at AllianceBernstein‘s 1345 Avenue of the Americas. Newmark brokered the transaction on behalf of each events.
Previously often called the Exxon Constructing, the 1970-completed property rises 53 tales and spans 2.4 million sq. ft, that includes 61,200-square-foot floorplates. It additionally contains roughly 21,500 sq. ft of retail area.
Solomon Companions will occupy a part of the thirty first and all the thirty second flooring of the LEED Gold-certified tower. Different tenants on the property embody Financial institution of Tokyo, Mizuho and Natixis, based on CommercialEdge knowledge.
Situated in Midtown Manhattan, 1251 Avenue of the Americas is instantly linked to Rockefeller Heart and Instances Sq.. It’s also inside strolling distance of a number of metro stations and Central Park.
Manhattan workplace vacancies rise year-over-year
Newmark Chairman Neil Goldmacher and Affiliate Director Michael Horn represented Solomon Companions within the transaction, whereas the agency’s President David Falk and Vice Chairman Peter Shimkin labored on behalf of the owner, as reported by the Industrial Observer. Falk and Shimkin had been not too long ago concerned in negotiating a lease growth at One World Commerce Heart.
As of October, the common itemizing fee for Manhattan workplace area clocked in at $70.71, representing a 5.4 p.c drop year-over-year, however remaining the very best within the nation, based on a current CommercialEdge report. The borough’s emptiness fee registered a 2.8 p.c improve over 12 months, reaching 17.4 p.c—barely beneath the 17.8 p.c nationwide determine.
