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.
The news of State Street’s lease was reported earlier this week by the New York Post. The financial services firm was represented by Jones Lang LaSalle through Peter Riguardi, Cynthia Wasserberger and Paul Mas, while Vornado was represented in-house by Glen Weiss and Thomas Costanzo, according to the Post report.
State Street is consolidating its office space in New York, leaving behind Two World Financial Center in favor of Midtown, the Post reported. The financial services firm had been subleasing space at 1290 Avenue of the Americas.
Last year, Vornado announced plans to renovate the property’s plaza and begin construction on a new lobby, designed by Moed de Armas & Shannon.
Last month, major availabilities at 1290 Avenue of the Americas hit the market as AXA Financial, a major tenant, offered subleases totaling 254,000 square feet.
As reported by The Commercial Observer, private equity firm Abbott Capital Management signed a 10-year lease for 34,709 square feet at 1290 Avenue of the Americas last year.