State Street Bank has signed a 10-year lease for 105,951 square feet at Vornado Realty Trust’s 1290 Avenue of the Americas, a source familiar with negotiations confirmed with The Commercial Observer.
State Street will take space formerly occupied by Microsoft, which opted to relocate to 11 Times Square, as The Commercial Observer reported late last year. The tech giant’s 230,000-square-foot lease was the third largest deal of 2012.
Cushman & Wakefield is marketing a sub-level retail space at 1633 Broadway, where a 733-glass cube entryway designed by Moed de Armas & Shannon will serve as a portal to two lower levels made up of 39,588 square feet of stacked concourse space.
The opportunity lies within a 2.5 million-square-foot Class A office tower spanning the entire block-front of Broadway between 50th and 51st Streets, owned by the Paramount Group.
The vacant sub-level space, formerly occupied by the outer-space-themed Mars 2112, has been gutted, and a sparkling glass entry cube, reminiscent of the above-ground glass façade leading to Apple’s flagship store on Fifth Avenue, will provide visibility and signage opportunities for a range of potential uses, said Alan Schmerzler, an executive director at Cushman & Wakefield who reviewed the floor plans with The Commercial Observer. Mr. Schmerzler is marketing the space along with Executive Vice President Brad Mendelson, Senior Director Steve Soutendijk and Senior Associate Chris Schwart.
Private equity firm American Industrial Partners will be moving from its current offices at 535 Fifth Avenue for its own tower floor at 330 Madison Avenue.
The firm, which invests in North American industrial businesses, will be taking 9,848 square feet of space on the 28th floor of 330 Madison Avenue. The lease is for 10 years. Asking rent for the space was roughly $90 a square foot.
The 742,000-square-foot, 39-story building is owned by Vornado Realty, which recently put forth an 18-month, $120 million capital improvement plan for the office tower, according to Crains.
Jones Lang LaSalle’s Frank Doyle and David Kleiner represented Vornado in the deal. David Dusek of Studley represented AIP. Mr. Dusek did not return phonecalls requesting comment. Messrs. Doyle and Kleiner could not be reached for comment.
Founded in 1989, AIP had been in a 4,829-square-foot space on the 32nd floor at 535 Madison Avenue as early as 1993, according to CoStar data. The company was rapidly growing, and was attracted to the 535 Madison Avenue’s proximity to Bryant Park and to nearly all major transportation lines, said a person close to the deal.
Since investing $161 million to take 28 West 44th Street off SL Green’s hands last summer, landlord APF Properties has wasted little time in making upgrades to the 370,000-square-foot asset.
APF Properties re-named the property “The Club Row Building,” a nod to the blue-blooded Ivy League clubs (Harvard, Yale, Princeton, et al) that inhabit the neighboring Club Row, and pledged $18 million in capital improvements, including the lobby and entrances designed by Moed de Armas & Shannon.