Paramount Inks 167K SF of New, Expanding Leases at Midtown Tower
By Terence Cullen December 9, 2015 6:00 pm
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The Paramount Group has signed two new tenants as well as a expansion deal at its 1301 Avenue of the Americas, The New York Post reported.
In total, the landlord inked 167,000 square feet of space to the three companies, the Post reported, pulling them away from Fifth and Lexington Avenues. Frank Doyle, David Kleiner and Clark Finney of JLL (JLL) represented Paramount in the deals.
Susman Godfrey, a commercial litigation firm, inked a 31,000-square-foot deal to relocate to the 1.7-million-square-foot tower between East 52nd and East 53rd Streets. The firm will be taking the entire 32nd floor. Susman Godfrey is relocating from 560 Lexington Avenue between East 50th and East 51st Streets, the Post reported. With the new Avenue of the Americas deal, Susman Godfrey will nearly double its space from the 16,700 square feet it currently leases, according to CoStar.
Chris Mongeluzzo of Newmark Grubb Knight Frank represented Susman Godfrey in the deal. Mr. Mongeluzzo did not immediately return a request for comment, via a spokeswoman.
Meanwhile, Key Bank is also relocating to the 46-story building in a whopping 73,000-square-foot deal. The Cleveland-based bank is taking a piece of the 35th floor and all of the 36th floor. Kenneth Siegel and Aaron Ellison of JLL represented Key Bank in its move. Key Bank is moving from 575 Fifth Avenue between East 46th and East 47th Streets. Lastly, Oak Tree Capital Management renewed and expanded at 1301 Avenue of the Americas. The company tacked on the 33rd floor to its foothold, and now leases 63,000 square feet at the building. Oak Tree was already leasing the 34th floor. John Nugent of CBRE (CBRE) represented the firm in its new deal. Mr. Nugent was not immediately available for comment, via a spokeswoman.
Besides Susman Godfrey, Paramount has drawn other legal eagles to the building this year. In May, the landlord signed Norton Rose Fulbright to 100,000 square feet, as CO previously reported. That firm gobbled up part of the 28th floor and all of the 29th through 31st floors in a relocation from 666 Fifth Avenue between East 52nd and East 53rd Streets.
Paramount Group has had success bringing tenants into large blocks of space at the 52-year-old building. In January, mega-accounting firm CohnReznick signed a massive deal at the tower in a relocation from 1212 Avenue of the Americas between West 47th and West 48th Streets. The company inked a 125,000-square-foot deal, in which the asking rent was $68 per square foot.
The building still has 373,000 square feet available at this time, according to CoStar. Most of that space is on the top floors. Other tenants in the building include Barclays Capital, Credit Agricole and Smith Gambrell & Russell.
Asking rents were in the $90s per square foot, the Post reported. The lengths of the leases were not immediately available and the JLL brokers did not immediately return CO’s request for comment via a spokesman.
