Midtown Leasing Soars

Midtown Manhattan leasing activity is at an all-time high and the neighborhood is poised for further gains, according to a recent Cushman & Wakefield (CWK) report. Six and a half million square feet of new leases were signed in Midtown in the last three months of 2018, bringing the yearly total to 23.7 million square feet—a new record.

“The neighborhood has seen incredible leasing velocity for a variety of reasons,” said Joe Artusa, Senior Vice President of Leasing for Silverstein Properties. “Central location, access to mass transit, great amenities and a variety of first class buildings.”

Silverstein recently signed a 10-year lease with private equity firm Mill Point Capital for the full 45th floor at 1177 Avenue of the Americas. The firm will move from 555 Madison into a 12,000-square-foot flexible office space in the building, joining tenants such as The Weather Channel, Signature Bank (SBNY), Tradeweb and Kramer Levin Naftalis & Frankel LLP.

Mill Point is a middle-market private equity firm focused on control-oriented investments in strong and established businesses. Launched in November 2017 after operating under parent company Millstein and Co., the company raised almost $500 million to invest in mid-sized properties.

Negotiations for the landlord were handled in-house by Joseph Artusa, senior vice president, and Harlan Strader III, leasing associate. Mill Point Capital was represented by Erik Harris, senior managing director with Newmark (NMRK) Knight Frank.

Mill Point follows a lease extension and expansion for Anderson Tax, an independent tax, valuation, financial advisory and consulting firm occupying over 65,000 square feet. The company has been a subtenant since 2013, occupying two floors of the building. Anderson Tax will now lease those spaces directly as well as additional space on another floor.

1177 Avenue of the Americas offers a modern, personalized work experience in the center of Midtown. With open and airy floor plates to accommodate any work style and superior infrastructure designed to empower productivity, this Class A property provides tenants the freedom and flexibility to stay productive throughout the day.

The 47-story tower has floor plates ranging from 9,900 to 33,900 square feet and is centrally located within close proximity to 14 subway lines, Port Authority Bus Terminal, Grand Central Station and Penn Station. Situated a short distance from Rockefeller Center, Times Square and Bryant Park, 1177 Avenue of the Americas also offers access to an endless selection of dining and cultural destinations for the perfect work-life balance.

“Today’s most successful companies look for every opportunity to attract and retain talented employees, said Jackie Manzer, tenant experience manager for Silverstein Properties. “We understand that building a company and culture takes a lot more that a desk and a phone, so at Silverstein we are proud to offer a series of customized, experience-driven amenities and services through our tenant experience program to help your employees make a life while making a living.”

INSPIRE Your Day is Silverstein’s hospitality-focused program that enhances its tenants’ work lives. Promoting wellness, beauty, learning and culture, INSPIRE hosts tenant-exclusive events, from yoga classes, happy hours and culinary experiences to lectures and massage sessions, as well as offering employees neighborhood discounts and perks.