Wealth Manager Bessemer Trust Takes 239K SF in Midtown
Financial manager Bessemer Trust signed a big lease to relocate within Rockefeller Center.
The firm, which manages $140 billion for 2,500 families, foundations and endowments, inked a deal for 239,000 square feet on the top seven floors of Rockefeller Group’s 1271 Avenue of the Americas, also known as the Time & Life Building. The length of lease wasn’t immediately clear. Asking rent for the upper floors of the 48-story office tower hovers around $100 a square foot, according to The New York Post, which broke the news of the deal. Bessemer is departing 630 Fifth Avenue.
Cushman & Wakefield’s John Cefaly and a C&W financial consulting team led by Peyton Horn negotiated the transaction for the tenant. Rockefeller Group was represented in-house by Ed Guiltinan and by CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell, Sarah Pontius and Dave Caperna. Neither brokerage immediately responded to requests for comment via spokespeople.
The 1.9-million-square-foot tower has been vacant since Time Inc. departed two years ago. However, the building is now 70 percent leased, in advance of a $600 million renovation that will be complete at the end of 2019. Law firm Blank Rome took 138,000 square feet there in May, Japanese bank Mizuho nailed down 411,000 square feet last year, and Major League Baseball took 400,000 square feet back in 2016.