Investment, Law Firms Ink 16K SF of Deals at 1155 Avenue of the Americas
Investment company Francisco Partners and law firm Jenner & Block are investing in the Theater District.
Francisco Partners inked a deal to relocate from about 3,000 square feet at 1114 Avenue of the Americas to 10,985 square feet across most of the 28th floor of the Durst Organization’s 1155 Avenue of the Americas. The deal allows Jenner & Block to nab the floor’s remaining 5,600 square feet in a 15-year lease, Commercial Observer has learned.
Asking rent was $100 per square foot for Francisco’s six-year deal and Jenner & Block’s transaction, according to Durst.
Francisco Partners will relocate from the Grace Building to the 42-story tower between West 44th and West 45th streets early next year. The company will join a roster of other financial tenants that includes Robert W. Baird & Co., capital markets and investment firm CLSA Americas and American Equity Investment Life Insurance Company.
Newmark’s Eric Cagner and Alex Leopold represented Francisco Partners in its deal. Cagner declined to comment.
Meanwhile, on the other side of the 28th floor, Jenner & Block is reversing course. The Chicago-based law firm shrunk its New York City footprint just last year when it moved to 66,935 square feet on the 29th through 32nd floor at 1155 A of the A from 79,000 square feet at SL Green Realty’s 919 Third Avenue, CO reported at the time. Apparently it shrunk a tad too much — Jenner & Block’s latest deal brings its total footprint to more than 72,000 square feet at the building.
“We are pleased to welcome both Francisco Partners and Jenner & Block to the 28th floor of 1155 Avenue of the Americas,” Jonathan Durst, the eponymous firm’s president, said in a statement. “Nearly all our new leases are coming from the Avenue of the Americas submarket, opening their first Manhattan office or expanding their footprint within the property.”
Durst’s Tom Bow, Rocco Romeo and Tanya Grimaldo represented the landlord in-house in both deals. CBRE’s Jason Gorman, Zachary Weil and Lewis Miller handled Jenner & Block’s transaction. A representative for CBRE declined to comment.
Update: This story has been updated to include the asking rents in Jenner & Block’s lease.
Celia Young can be reached at firstname.lastname@example.org.