261 Fifth Ave. Picture courtesy of The Feil Group
Reinsurance firm Lockton Re has signed a 10-year, 19,326-square-foot workplace lease at 261 Fifth Ave. in Manhattan. The tenant will relocate its headquarters and can occupy the total tenth flooring of the just lately upgraded 450,000-square-foot workplace tower, owned by The Feil Group. The owner was represented in-house whereas JLL negotiated on behalf of the tenant.
The present possession bought the property in 2005 from L&L Holding Co., for $180 million, CommercialEdge knowledge reveals. The owner invested $20 million right into a renovating the constructing, that resulted in upgraded retail storefronts and entryway, improved lobbies, tenant amenities, elevators, in addition to customizable pre-built workplace suites.
READ ALSO: Leasing Exercise Animates Gradual Manhattan Workplace Market
Just lately, The Feil Group inked two different leases on the property. Efficiency Realty signed a 2,600-square-foot settlement, whereas Catalyst Funding made a 4,705-square-foot dedication. The constructing’s roster additionally contains Northwest Co., Biologique Recherche, Blackbird Public Relations, Imperium Capital and BCP House, CommercialEdge knowledge reveals.
Inbuilt 1928, 261 Fifth Ave. rises 25 tales in NoMad and options 10 passenger elevators, together with 18,108 sq. ft of grade-level retail house. The constructing’s flooring plates vary between 11,698 and 19,389 sq. ft, CommercialEdge knowledge reveals.
The Feil Group’s Head of Industrial Leasing Andrew Wiener, Administrators of Industrial Leasing Tim Parlante and David Turino negotiated for the owner, whereas JLL’s Government Managing Director Don Preate labored on behalf of the tenant.
Different current Manhattan leases
Simply 2 miles away, The Bromley Cos. welcomed Microsoft at certainly one of its redeveloped workplace properties in Union Sq.. The tech large signed up for flooring six by ten, or 150,000 sq. ft, at 122 Fifth Ave., an 11-story mixed-use tower. Just lately, the owner applied a $170 million renovation plan on the property.
Moreover, two different notable leased closed final month on the Empire State Constructing. Skanska inked a full-floor enlargement and Aprio signed a 14,945-square-foot relocation deal.
