YMCA Retirement Fund Signs 26K-SF Lease at 1177 Avenue of the Americas
By Mark Hallum January 26, 2024 11:49 am
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Silverstein Properties isn’t losing any tenants with YMCA Retirement Fund moving from 120 Broadway to 1177 Avenue of the Americas.
The fund signed a 24,640 square-foot lease with a term of 13 years on the 16th floor of the Midtown building, according to the landlord, but it’s unclear what the asking rent in the building is or if it is an expansion for the tenant. Average asking rent in Midtown in the fourth quarter of 2023 was $74.09 per square foot, according to Transwestern.
YMCA Retirement Fund has been a tenant of Silverstein since 1999, and moved into 120 Broadway in 2013.
“Whether in Midtown or Lower Manhattan, well-amenitized buildings in dynamic neighborhoods continue to attract a diverse range of tenants seeking a modern, comfortable office experience with access to transit and New York’s best restaurants, sights and cultural destinations,” Gordon Hough, vice president of leasing at Silverstein, said in a statement.
Bruce Mosler, Lou D’Avanzo, Ethan Silverstein, Anthony Lopresti, Peter Kerans, Caroline Collins of Cushman & Wakefield (CWK) represented Silverstein in the deal while Laurence Briody, Lauren Crowley, Courtney Hughson and Eric Sears of CBRE (CBRE) negotiated on behalf of YMCA Retirement Fund.
C&W did not respond to a request for comment while CBRE declined.
Another recent deal in the building was for Mill Point Capital which renewed its lease and doubled its space to 23,289 square feet, which means its footprint will encompass the entire 44th floor.
The term is for six years and the private equity firm first moved into the building in 2019.
Erik Harris of Newmark (NMRK) represented Mill Point Capital in the negotiations, but declined to comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
