Leases  ·  Office

Actuarial Service Company Milliman Takes Second Space in Garment District [Updated]


Milliman, an international actuarial and consulting firm, has taken digs at 463 Seventh Avenue at the northeast corner of West 35th Street, Commercial Observer has learned.

The 1947-founded firm—which has offices at One Penn Plaza—signed a 16,750-square-foot lease for the entire 19th floor in the 22-story 478,800-square-foot office building, per the landlord, Adams & Co. The deal is for 16 years and the asking rent was $52 per square foot.

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“We are adding a new location due to our growth, and will still have a presence at One Penn,” a Milliman spokesman said.

Adams & Co.’s David Levy represented the landlord in-house, and Savills Studley’s Daniel Horowitz, Jeffrey Peck, Ira Schuman and Jacob Stern represented the tenant.

Millman will take possession of the space on Jan. 1.

“Demand for space at 463 Seventh Avenue has been robust in 2018, with approximately 14 leases signed in 2018,” Levy said in prepared remarks. “The building offers tenants access to our Adams-branded Equiem platform, which provides a digital-amenities network for firms located in the building.”

Tenants in the building, erected in 1925, include clothing manufacturer Adjmi Apparel Group, fashion industry consultancy The Doneger Group and NewYork-Presbyterian Hospital. And as CO reported last month, swimwear manufacturer In Mocean Group is growing its headquarters at 463 Seventh Avenue to more than 53,000 square feet after inking a lease for an additional 23,785 square feet at the Garment District office building.

A spokeswoman for Savills Studley said the brokers declined to comment.

Update: This story has been edited to reflect that Milliman took the space at 463 Seventh Avenue as an additional office.