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Mitsui Fudosan Secures 230,000-SF for Midtown Office

Three tenants have recently signed expansions at Mitsui Fudosan America’s 1251 Avenue of the Americas building in Midtown. They are Lowenstein Sandler, which is taking 125,700 square feet, Berenberg Capital Markets, which has signed on for 62,400 square feet and TCW for 44,100 square feet. The transactions total more than 230,000 square feet. 

The Newmark team of New York Tri-State Region’s David Falk, Peter Shimkin, Eric Cagner and Nick Berger represented Mitsui Fudosan America in the transactions.

 The largest deal was law firm Lowenstein Sandler’s renewal of its existing lease on floors 17-19 and expansion 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 the 2.3 million-square-foot building, 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. 

 TCW extended its 44,100-square-foot lease on the 47th floor for a ten-year term. TCW was represented by James Travers of Cresa and Keith Caggiano of Avison Young. 

 1251 Avenue of the Americas is a 54-story office tower situated atop the Rockefeller Center subway hub and located on Avenue of the Americas between 49th and 50th Streets. The building is currently undergoing a major capital improvement program that includes a renovated lobby and a 15 thousand-square-foot tenant amenity space. 

With the recent expansion of these tenants, 1251 Avenue 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%.
Reprinted with permission from the Wed, 06 Oct 2021 08:43:04 EDT online edition of GlobeSt © 2021 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.