Mortgage Risk Firm Relocates with Sublease at 521 Fifth Avenue
New York City-based mortgage risk-management firm Mortgage Industry Advisory Corp. has inked an eight-year, 20,897-square-foot sublease for the entire ninth floor at SL Green (SLG)’s 521 Fifth Avenue, relocating from its two offices in the Financial District.
The firm has offices at 80 Maiden Lane and 30 Broad Street and eyed a space in Midtown South before turning to the Midtown space.
“MIAC wanted to consolidate its two Downtown offices into one location,” said CBRE (CBRE)‘s Snezana Anderson, who represented MIAC with Bernhard Weinstabel, in a statement. “We found a great sublease in Midtown that could accommodate the company’s full staff and give it a premier Midtown presence.”
CBRE’s Jared Freede represented the undisclosed tenant who subleased the space to MIAC and the risk management firm hopes to move in by early March. But existing tenants in the building include Alexandra Lebenthal, Anvil Knitwear Inc., Critical Mention Inc., Nippon Life Insurance Company, Royal Healthcare and Urban Outfitters.
The 463,000-square-foot building is located on the northeast corner of Fifth Avenue and East 43rd Street. The boutique building boasts a contemporary lobby, renovated elevator cabs, corridors and restrooms.
In February, SL Green announced that two new tenants had signed leases covering 42,664 square feet at the building, which at the time raised occupancy to 98 percent.
Chinatrust Commercial Bank signed a 20,987-square foot, 15-year lease for the entire 11th floor and Major Lindsey & Africa signed a 21,677-square-foot, 10-year lease on the entire fifth floor.
Asking rents at the 39-story building, also known as the Lefcourt National Building, are $65 per square foot, according to Crain’s, which first reported the lease.
CBRE did not respond to requests for comment regarding the MIAC lease in time for publication.