The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.
“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.
Allianz Real Estate of America was motivated to relocate after outgrowing their current space and was interested in moving to a new office in the neighborhood that was closer to Grand Central Station, Mr. Taubin noted. The company negotiated on five separate spaces, including One Grand Central Place, ultimately narrowing down the choice to two properties.
Malkin Properties, which oversees W&H Properties, is assuming the responsibility and cost of the space’s entire custom buildout, following which Allianz will occupy the space, likely in the third quarter of this year.
“This transaction – a move from a top corporate firm – attests to the success of the recent repositioning of One Grand Central Place as a white-glove corporate environment for prestigious companies,” added Anthony Malkin, president of Malkin Holdings, in a prepared statement. “Tenants also appreciate the convenience of our location right across from, and with direct underground access to, Grand Central Terminal.”
One Grand Central Place has undergone $85 million in renovations, including enhancing building-wide systems. Available space at the property ranges from pre-built spaces of 2,500 to 8,000 square feet, to 12,700- to 48,000-square-foot full floors.
Mr. Taubin and Jason Perla of Studley represented the tenant in the lease negotiations. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord.