Leases  ·  Office

Berenberg Capital Markets Leases Nearly 32K SF at 1251 Avenue of the Americas


German bank Berenberg subsidiary Berenberg Capital Markets is relocating to the entire 31,700-square-foot top floor of Mitsui Fudosan America‘s 1251 Avenue of the Americas between West 49th and West 50th Streets.

The 10-year deal for the 53rd floor was signed last Friday and was first reported on by The New York Post. The asking rent at the 2.4-million-square-foot building was $110 per square foot, according to Benjamin Bass of JLL, who represented Berenberg Capital Markets along with JLL’s Mitchell Konsker and Alexander Chudnoff.

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Berenberg Capital Markets will move from 712 Fifth Avenue between West 55th and West 56th Streets, where it occupies 9,000 square feet, in the first quarter of 2018, according to Bass.

“Berenberg Capital Markets sought to expand its business and footprint in Manhattan, and there was no better location for the company than 1251 Avenue of the Americas,” Chudnoff said in a prepared statement. “The bank was attracted to the office tower for its prestigious address and location as well as the uniqueness of the space.”

Newmark Grubb Knight Frank’s David Falk and Peter Shimkin represented the landlord in the deal. A spokesman didn’t respond with a comment from the brokers.

“Berenberg opened its first branch in the United States in 1883, and for more than five years, the bank has been offering investment banking and asset management services to its ever-expanding client base in the U.S.,” Dave Mortlock, a member of Berenberg’s extended management board, said in a press release. “We are glad to grow our business in New York and look forward to moving into our new offices.”