SL Green Nabs Two New Financial Tenants at 521 Fifth Avenue
Two new tenants are moving in at SL Green Realty Corp.’s 521 Fifth Avenue in Midtown, with insurance brokerage NFP Corp. and financial planner Douglass Winthrop Advisors having signed leases spanning nearly 30,000 square feet combined, Commercial Observer has learned.
NFP agreed a 10-year lease for 17,500 square feet comprising the entire 15th floor at the 39-story, 500,000-square-foot office tower at the northeast corner of East 43rd Street, according to sources with knowledge of the transaction. Douglass Winthrop, meanwhile, inked a 10-year deal for 12,400 square feet spanning the building’s entire 19th floor, the sources indicated.
Asking rent in the deals were in the high $60s per square foot. Both leases were finalized earlier this month and both tenants are expected to take occupancy of their space this November—with NFP relocating from its current offices at 340 Madison Avenue and Douglass Winthrop moving from its current space at 535 Fifth Avenue, the sources said.
Michael Monahan of CBRE (CBRE) represented NFP, while Patrick Heeg and Ned Pierrepont of Transwestern represented Douglass Winthrop. SL Green (SLG)’s Natasha Brown represented the landlord in-house in both transactions alongside the Cushman & Wakefield (CWK) team of Tara Stacom, Barry Zeller, Justin Royce, Pierce Hance and Connor Daugstrup.
In a statement, Steven Durels, SL Green’s executive vice president and director of leasing and real property, said the tenants were drawn to 521 Fifth Avenue’s location “near major transit hubs and Bryant Park.” A spokeswoman for C&W confirmed the deal but declined additional comment. Representatives for CBRE and Transwestern did not immediately return requests for comment.
Other tenants at the financial services-heavy 521 Fifth Avenue include investment banking firm Laidlaw & Company, Taiwanese bank CTBC Bank and the Mortgage Industry Advisory Corporation.
The building also houses the headquarters of retail brokerage RKF—which is in the process of being acquired by Newmark Knight Frank parent company Newmark Group—as well as retail tenants Urban Outfitters and Equinox Fitness.