Mitsui Fudosan America and Newmark complete leasing transactions totaling 230,200 s/f at 1251 Avenue of the Americas

New York Real Estate Journal

Mitsui Fudosan America and Newmark completed leasing transactions totaling 230,200 s/f at 1251 Avenue of the Americas. The building has maintained strong leasing momentum despite pandemic-induced tenant uncertainty that has stalled leasing activity in other parts of the city. The three transactions include Lowenstein Sandler for 125,700 s/f, Berenberg Capital Markets for 62,400 s/f and TCW for 44,100 s/f.

The Newmark team of New York Tri-State region president David Falk, vice chairman Peter Shimkin, executive managing director Eric Cagner, and managing director Nick Berger represented asset owner Mitsui Fudosan America.

“We are delighted that these three prestigious tenants chose 1251 Ave. of Americas in which to grow their spaces and reinforce their commitment to NYC,” said Christopher Perez, senior vice president at Mitsui Fudosan. “We value their trust and appreciate their understanding of our mission to maintain 1251’s unique position as an exceptional property where businesses thrive.”

In addition to these leases, TCW extended its 44,100 s/f lease on the 47^th floor for a ten-year term. TCW was represented by James Travers of Cresa and Keith Caggiano of Avison Young.

The largest transaction was law firm Lowenstein Sandler’s renewal and expansion for a total of 125,700 s/f. The firm extended its existing lease on floors 17-19 and expanded into an additional 25,000 s/f 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 1251 Avenue of the Americas, extending its lease for 31,700 s/f on the 53rd floor and expanding into an additional 30,700 s/f on the 52nd floor, for a total occupancy of 62,400 s/f. Berenberg Capital Markets was represented by Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL.

“1251 Avenue of the Americas has remained one of the busiest buildings on 6th Avenue despite the uncertainty surrounding COVID-19,” said Shimkin. “It’s very refreshing to see tenants growing in this market and doubling down on their commitment to office space in New York City.”