Morgan Stanley Inks Largest Sublease of the Year
Al Barbarino May 23, 2013, 3:49 p.m.
Morgan Stanley has inked the year’s largest sublease with an 11-year deal for 148,421 square feet of space at Vornado Realty Trust’s 1290 Avenue of the Americas.
The space is across the entire 12th and 13th floors, part of AXA Equitable’s 443,599 square feet in the 44-story, 2-million-square-foot tower, according to The Real Deal, which broke the news today based on data from Cassidy Turley.
A Jones Lang LaSalle team led by Matthew Astrachan, Mitti Liebersohn and Paul Glickman brokered the deal. The brokers did not immediately return The Commercial Observer‘s calls seeking comment.
Sirius Satellite’s 86,877-square-foot of Axa’s 11th floor in the building was the second largest sublease so far this year, according to the Cassidy Turley data.
Morgan Stanley signed a nearly 1.2-million-square-foot expansion and renewal at Brookfield Office Properties’ 1 New York Plaza in Lower Manhattan that runs through 2029 in April of last year.
The American multinational financial services corporation operates in 42 countries, has more than 1300 offices and 60,000 employees. Formed by J.P. Morgan & Co. partners Henry Morgan, Harold Stanley and others, came into existence 1935, in response to the Glass-Steagall Act, which required the splitting of commercial and investment banking businesses.
Last month State Street Bank signed a 10-year lease for 105,951 square feet in the building. The bank took 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.
Last year, Vornado announced plans to renovate the property’s plaza and begin construction on a new lobby, designed by Moed de Armas & Shannon.