Lease Beat

Colliers to Relocate to 57,000 SF at 666 Fifth Avenue

Colliers International is expected to sign a 57,000-square-foot relocation deal and move its headquarters to 666 Fifth Avenue.

The commercial brokerage firm will reportedly decamp from its current headquarters at 380 Madison Avenue by the end of the year, when its lease expires and that property, whose owners include Deutsche Bank Asset and Wealth Management, prepares for a gut renovation.

666 Fifth Avenue

666 Fifth Avenue

Crain’s reported that the tenant will take half of the fourth floor in the 41-story, 1.5-million-square-foot building, whose co-landlords are the real estate investment trust Vornado and Kushner Companies. Kushner Companies chief executive officer Jared Kushner owns Observer Media Group, which publishes The Commercial Observer.

Asking rent was in the $60s per square foot and the lease was for 10 years. Colliers will be the third commercial brokerage firm to take space in the tower.

Vornado also has brokerage tenants scattered among other pieces of its sprawling portfolio. Cushman & Wakefield has its global headquarters at the REIT’s 1290 Avenue of the Americas. And 330 Madison Avenue is where Jones Lang LaSalle has had its headquarters since 2010.

At the time we went to print, it was unclear which brokers worked on the transaction.

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