Asset Manager TCW Expands at 1251 Avenue of the Americas
After law firm Lowenstein Sandler expanded to 125,000 square feet at 1251 Avenue of the Americas last week, asset manager TCW Group has extended the lease for its office space in the 1960s tower between West 49th and West 50th streets.
The company, which has about $266 billion worth of assets under management, renewed its 44,100-square-foot lease on the 47th floor for a 10-year term, according to the landlord’s brokers at Newmark. Asking rent was $99 a square foot.
James Travers of Cresa and Keith Caggiano of Avison Young represented TCW in the transaction. Newmark’s David Falk, Peter Shimkin, Eric Cagner and Nick Berger handled it for the landlord, Mitsui Fudosan America. Avison Young and Cresa spokespeople did not immediately respond to a request for comment.
“It’s very refreshing to see tenants growing in this market and doubling down on their commitment to office space in New York City,” Shimkin said in a statement.
German bank Berenberg Capital Markets also recently doubled its footprint in the building from 31,700 square feet to 62,400 square feet on the 52nd and 53rd floors.
The 54-story, 2.3 million-square-foot building is also undergoing a significant renovation, which includes a new lobby, destination dispatch elevators and a 15,000-square-foot tenant amenity center.
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