Lockton Re Relocating to 19K SF at 261 Fifth Avenue
By Mark Hallum July 12, 2023 3:03 pm
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This reinsurance firm just locked-in a new lease for its headquarters in Midtown South.
Lockton Re signed a 10-year, 19,326-square-foot lease to move its New York City offices to the entire 10th floor of The Feil Organization’s 261 Fifth Avenue, Commercial Observer has learned.
Asking rent was $65, and the tenant will relocate from 48 West 25th Street, according to the landlord.
“As our global business continues to grow, it’s critical for us to be in a space that supports our culture and expansion,” Tim Gardner, CEO for Lockton Re, said in a statement. “This is a great location for our colleagues, clients, and partners with attentive management to accommodate us.”
Lockton RE is the reinsurance arm of the Kansas City, Mo.-based insurance brokerage Lockton. The company also has an outpost in London.
Andrew Wiener, Tim Parlante and David Turino represented The Feil Organization in-house while Don Preate of JLL (JLL) negotiated on behalf of Lockton Re. JLL did not immediately respond to a request for comment.
The 25-story, 450,000-square-foot building sits on Fifth Avenue between 28th and 29th streets, three blocks north of Madison Square Park. The building was finished in 1928 and just underwent a $20 million renovation that created pre-built offices, gave the ground-floor retail spaces a facelift and refurbished the entryway, lobby, common facilities and elevators, according to Feil.
“While flight to quality has dominated headlines, another trend has been quietly playing out in parallel, one that we know very well,” Brian Feil, principal at The Feil Organization, said in a statement. “Tenants are prioritizing what matters most: high-quality space, attentive ownership and premier locations that don’t break the bank.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
