Flagship building continues to attract leading professional & financial services firms
New York, NY – November 17, 2014 – Mitsui Fudosan America, Inc. (MFA), the U.S. operations of Japan’s largest real estate company announced today that it has successfully completed the following four leasing transactions totaling 162,027 square feet at its flagship building, 1251 Avenue of the Americas, during the three months ended October 31.
Davis Wright Tremaine LLP, a national law firm, is a new tenant and will occupy 45,400 rsf, including the entire 21st floor, and a portion of the concourse, a below-grade area that tenants use for back-office functions and storage. Savills Studley’s David Goldstein and Gabe Marans were the brokers for Davis Wright Tremaine.
Mizuho Bank Ltd., a financial institution, is expanding their office space at 1251 Avenue of the Americas. They are growing from 192,434 rsf to 212,000, an increase of 19,566 rsf, which encompasses part of the 39th floor. Robert Flippin and Doug Lehman of CBRE, Inc. were the brokers for Mizuho. Sumitomo Mitsui Trust Bank, Limited, one of Japan’s largest asset managers, is also a new tenant and will occupy 45,838 rsf, including the entire 22nd floor, and part of the 23rd floor. Cushman & Wakefield, Inc.’s Fred Smith, Josh Kuriloff, Omar Farooq and Andrew Braver were the brokers for Sumitomo.
Bernstein Litowitz Berger & Grossmann LLP, a law firm, is another new tenant who will occupy 51,223 rsf, which includes the entire 44th floor, part of the 41st floor and a portion of the concourse. Howard Rosen of Lee Associates and Robert Koslow of Colliers International were the brokers for Bernstein Litowitz Berger & Grossmann. “These transactions are a testament to the enduring quality of the property as owned and operated by MFA. 1251 Avenue of the Americas continues to attract and retain top echelon tenants, which reflects our on-going commitment to manage, maintain and upgrade this property to meet the needs of our current and prospective tenants,” said Yukio Yoshida, President and CEO of MFA.
MFA’s leasing team was assisted by a group of brokers from Newmark Grubb Knight Frank, led by David Falk, the company’s New York president, and his colleagues Peter Shimkin, Romel Canete, Nick Berger and Eric Cagner. The building occupies a prime location on Sixth Avenue, in the heart of Midtown Manhattan. As part of Rockefeller Center, this magnificent, limestone clad, 54-story tower is one of the premier office buildings in the city. The building features virtually column-free floor plates, floor to ceiling windows, a highly efficient 4’8” window module design and state-of-the-art life safety systems. The building is the winner of numerous awards and has achieved LEED silver certification.
On November 7, 2014, the Avenue of Americas Association awarded 1251 Avenue of the Americas first place in two awards for buildings over 1 million square feet. First, for energy efficiency and sustainability, and second for the Building Owners and Managers Association (BOMA) 360 Performance Program Award for certifications and achievements. “Demand for premium office space in midtown is gaining momentum, specifically among the financial and professional services firms. These transactions fit well with our strategy of attracting and retaining national and international tenants as we continue to develop our portfolio assets and explore strategic acquisitions in the New York market,” said Christopher Perez, Senior Vice President, Asset Management & Leasing of MFA. “The fact that these deals all closed within 90 days speaks to the improved Class A midtown market and how well 1251 is perceived in the tenant community.”
MFA has a history of investments in New York, which includes 527 Madison Avenue, a 240,000 square foot Class A trophy office building, 100 William Street, a 400,000 square foot Class A office building located in lower Manhattan, and 461 Fifth Avenue, a 202,100 square foot office building located in midtown. In addition to its commercial office development and acquisition activities, MFA is seeking both office and residential development opportunities in New York, Washington D.C., San Francisco, Seattle, Boston, and Los Angeles.
In New York, a 270,000 square foot Class A residential tower is under construction at 160 Madison Avenue, which is scheduled for completion in the fourth quarter of 2015. In San Francisco, the company is developing a 213,000 square foot office building at 270 Brannan Street that is 100 percent preleased.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York, NY. MFA is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. Japan’s largest publicly quoted real estate company. MFA’s history in the U.S. markets dates back to the early 1970’s and includes its acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii, with additional investments in San Francisco, Los Angeles, San Diego, Washington, D.C., Chicago and New York. MFA’s flagship commercial property is located in Rockefeller Center at 1251 Avenue of the Americas in New York, one of the city’s most prestigious business addresses.
Montieth & Company