Mitsui Fudosan Lands 70 KSF Manhattan Lease

Financial adviser Solomon Partners has signed a 15-year lease with Mitsui Fudosan for 70,000 square feet at 1251 Avenue of the Americas in Manhattan. The firm will relocate and expand its headquarters from the 42,000 square feet it currently subleases at AllianceBernstein‘s 1345 Avenue of the Americas, which will expire in December 2024. Newmark brokered the transaction on behalf of both parties.

Completed in 1970 and originally known as the Exxon Building, the property rises 53 stories and spans 2.4 million square feet, featuring 61,200-square-foot floor plates. It also includes roughly 21,500 square feet of retail space. Solomon Partners will occupy the entire 32nd floor and part of the 31st story. Other tenants at the property include Bank of Tokyo, Mizuho and Natixis, according to CommercialEdge data.

Located in Midtown Manhattan, 1251 Avenue of the Americas is directly connected to Rockefeller Center and Times Square. It is also within walking distance of multiple metro stations and Central Park.

Manhattan vacancy rises year-over-year

Newmark Chairman Neil Goldmacher and Associate Director Michael Horn represented Solomon Partners in the transaction, while the firm’s President David Falk and Vice Chairman Peter Shimkin worked on behalf of the landlord, as reported by Commercial Observer. Falk and Shimkin were recently involved in negotiating a lease expansion at One World Trade Center.

As of October, the average listing rate in Manhattan clocked in at $70.71, representing a 5.4 percent drop year-over-year, but remaining the priciest market in the nation, according to a recent CommercialEdge report. Vacancy rates in the borough registered a 2.8 percent increase over 12 months, reaching 17.4 percent—slightly below the 17.8 percent national figure, the same source shows.

Sign up to receive the best Underground art & real estate news in your inbox everyday.

We don’t spam! Read our privacy policy for more info.

This post was originally published on this site