Sumitomo Mitsui Trust Group Relocating to 1251 Avenue of the Americas
Lauren Elkies Schram Nov. 5, 2014, 2:25 p.m.
Sumitomo Mitsui Trust Group, one of the largest asset managers in Japan with offices in Tokyo, London, Hong Kong, Beijing, Singapore and New York, is leasing 45,838 feet at Mitsui Fudosan America’s 1251 Avenue of the Americas between 49th and 50th Streets, sources told the New York Post. The firm will relocate from 527 Madison Avenue.
David Falk, the president of Newmark Grubb Knight Frank‘s New York tri-state region, previously told Commercial Observer asking rents in the 54-story, 2.3-million-square-foot building range from $85 per square foot on the lower levels up to the low-$100s per foot at the top of the skyscraper.
Mr. Falk, NGKF’s Peter Shimkin, as well as Chris Perez of Mitsui Fudosan represented the landlord in the tower once considered the headquarters of Exxon. Cushman & Wakefield’s Fred Smith, Josh Kuriloff, Omar Farooq and Andrew Braver negotiated on behalf of Sumitomo Mitsui Trust Group.
A spokesman for C&W declined to comment on the deal. Mr. Falk didn’t immediately respond to a request for comment.
The largest tenants in the building are DLA Piper, Bank of Tokyo-Mitsubishi, Mizuho Corporate Bank, according to a spokeswoman for NGKF. In September, it was reported that Davis Wright Tremaine, a national business and litigation law firm, is relocating to 42,000 square feet on the entire 21st floor in the building.