Japanese Insurance Firm Inks Deal for New U.S. Headquarters
Terence Cullen Aug. 8, 2016, 2:02 p.m.
The stateside division of insurance giant Tokio Marine Management is moving its New York City offices to 1221 Avenue of the Americas in Midtown.
Tokio Marine North America has signed a 21,499-square-foot lease at the 2.5-million-square-foot, Rockefeller Group-owned building between West 48th and West 49th Streets, according to a press release from JLL, which represented the tenant in the 15-year deal.
Asking rent in the lease was in the high-$70s per square foot, according to The Wall Street Journal, which first reported news of the deal.
“Tokio Marine was looking to rationalize its occupancy in the New York metropolitan area in a cost-effective manner,” Peter Riguardi, the president of JLL’s New York tri-state region, said in prepared remarks. “We found a terrific space at 1221 Avenue of the Americas in the heart of Midtown Manhattan that worked incredibly well for its new corporate headquarters.”
Tokio Marine is currently based at 230 Park Avenue between East 45th and East 46th Streets, where CoStar Group indicates it leases 53,370 square feet. Tokio Marine is also moving some of its operations across the Hudson River to Jersey City, N.J. The firm signed a deal for 46,360 square feet of office space in that city at the same time as its new Manhattan lease.
Riguardi and colleagues Cynthia Wasserberger and Michael Berg represented the tenant, while Edward Guiltinan of Rockefeller Group represented the landlord in-house along with a Cushman & Wakefield team led by John Cefaly.
“Tokio Marine is a highly respected global company and we are very pleased to welcome them to the new 1221 Avenue of the Americas,” Guiltinan said in a statement. “This is a building that offers world-class amenities in a superior location.”
Early this year, Rockefeller finished up a $30 million renovation of the building’s lobby for the first time in nearly 20 years, as Commercial Observer previously reported. The structure is also home to McGraw-Hill Companies, NBCUniversal and Sirius XM Radio.