Financial Adviser Solomon Partners Moving to 71K SF at 1251 Avenue of the Americas
By Abigail Nehring December 11, 2023 5:17 pm
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Financial adviser Solomon Partners is expanding into new digs at Mitsui Fudosan America’s 1251 Avenue of the Americas.
Solomon signed a 15-year lease for 70,662 square feet on the entire 32nd floor and part of the 31st floor of the 54-story office tower between West 49th and West 50th streets, according to a spokesperson for Solomon.
A source with knowledge of the deal said asking rent was $95 per square foot.
The move will expand Solomon’s New York footprint by about 29,000 square feet from the 42,000 square feet it subleases from AllianceBernstein at 1345 Avenue of the Americas, just five blocks north from its new address.
It’s unclear how long Solomon has been subleasing its current space, but AllianceBernstein left the Avenue of the Americas building in 2019 and opened a smaller office at 66 Hudson Boulevard, Commercial Observer previously reported. That move came a year after the Wall Street firm announced it was relocating its headquarters to Nashville, Tenn.
Solomon will pack up its current office and head to its new home after its sublease ends in December 2024, according to the company’s announcement.
“Despite what you read, it was challenging to locate trophy office space for a growing firm in Midtown Manhattan,” Solomon CEO Marc Cooper said in a statement.
Solomon was founded in 1989 and has recently gone through a rapid growth spurt, expanding from 35 banking analysts and associates in 2016 to 160 currently. It opened an office in the Chicago Mercantile Exchange building at 20 South Wacker Drive in 2021 and has since expanded its footprint at the property from 5,000 to 15,000 square feet, according to a company spokesperson.
The New York expansion will help accommodate recent new hires and Solomon’s continued growth plans, Cooper said.
“As we maintain our hybrid work environment, we want our employees to enjoy coming into the office to collaborate, network and learn,” Cooper said. “We believe that having a great office space in one of the most desirable locations is a critical part of the employee experience.”
Newmark (NMRK)’s Neil Goldmacher and Michael Horn arranged the deal at the Avenue of the Americas building for Solomon, while Mitsui Fudosan was represented by David Falk and Peter Shimkin, also of Newmark.
A spokesperson for Newmark declined to comment.
Other tenants at Mitsui Fudosan’s office tower include law firms Lowenstein Sandler and Akerman; German bank Berenberg Capital Markets, and asset managers TWC Group and Waterfall.
Abigail Nehring can be reached at anehring@commercialobserver.com.
