Rothschild North America Moves South Inside 1251 Avenue of the Americas
Rothschild North America, the North American division of English investment firm NM Rothschild & Sons, will be moving in to two new floors (and contiguous space) at 1251 Avenue of the Americas, the Mitsui Fudosan America-owned office tower.
The new space, on the 33rd and 34th floors, will total 69,418 square feet, as was first reported by The New York Post. Rothschild North America currently occupies the 44th and 51st floors inside the 2.29 million square foot building, where it had been since 1994, according to CoStar data.
Studley’s Michael Goldman represented Rothschild North America in the lease deal. David Falk, Peter Shimkin, and Nick Berger, all of Newmark (NMRK) Grubb Knight Frank, represented Mitsui Fudosan America. Christopher Perez, of Mitsui Fudosan America, also worked in-house on the deal.
Asking rent in the 10-year lease was $92-a-square-foot.
“They basically wanted contiguous floors,” said Mr. Perez. “I think they see themselves as not wanting to renovate in place, so contiguous floors and probably significant modification to today’s standards for trading and office” was what Rothschild North America wanted, he added.
Previously, the 33rd and 34th floors had been occupied by Mizuho Corporate Bank and Natixis, respectively.
In 2010, Natixis signed a massive 182,200 square foot lease for the entire 3rd, 4th, and 5th floors at 1251 Avenue of the Americas.
Natixis, a division of French financial services firm Groupe BPCE, then took both the 33rd and 34th floors as temporary space, said Mr. Perez. Mizuho is still in 1251 Avenue of the Americas, with space on the ground floors, and floors 29 through 32 for a total of 169,200 square feet, according to CoStar data.
Studley and NGKF did not respond to requests for comment.