Insurance Firm Markel Renews, Relocates at 1185 Avenue of the Americas
By Rey Mashayekhi October 3, 2017 1:15 pm
reprints
Insurance holding company Markel Corporation has agreed to renew its office lease at SL Green (SLG) Realty Corp.’s 1185 Avenue of the Americas in a 27,505-square-foot deal that will see the tenant relocate within the Midtown building.
Markel inked a 10-year lease to extend its stay at the 42-story, 1.1-million-square-foot office tower between West 46th and West 47th Streets, SL Green said in a press release. The company will take the entire eighth floor at the property and move from its current space on the entire 16th floor, where it occupies roughly the same square footage, in early 2019.
Asking rents at 1185 Avenue of the Americas range from $75 to $100 per square foot, according to sources with knowledge of the transaction. Cushman & Wakefield (CWK)’s William Golden represented Markel, while Howard Tenenbaum and Gary Rosen of SL Green handled the deal in-house on behalf of the landlord.
“We’ve enjoyed a long relationship with Markel,” Steven Durels, SL Green executive vice president and director of leasing and real property, said in the release. The insurance firm has occupied the Midtown office building since late 2012, prior to which it was a tenant at SL Green’s 1350 Avenue of the Americas several blocks north, Durels added.
A C&W spokesman did not immediately return a request for comment.
Other tenants at 1185 Avenue of the Americas include marketing firm News America, audit and tax consulting company RSM US, law firm King & Spalding and energy company Hess Corporation. SL Green is currently upgrading the property via renovations including a new lobby, improved entrance and new elevator cabs.
The National Hockey League announced late last year that it will leave the Midtown building—where it currently occupies around 145,000 square feet including a ground-floor retail store—to move into a new 160,000-square-foot office at Brookfield Property Partners’ 1 Manhattan West near Hudson Yards in 2019.
