Daiwa Capital Markets Relocating to 44K SF at 1251 Avenue of the Americas
By Mark Hallum August 1, 2024 12:33 pm
reprints
Daiwa Capital Markets is casting off from its corporate mooring at 32 Old Slip in the Financial District for a new office in Midtown.
The company signed a 20-year lease for 44,100 square feet at Mitsui Fudosan America’s 1251 Avenue of the Americas and plans to relocate its New York City offices in 2025, Daiwa Capital announced Thursday.
Mitsui did not immediately disclose the asking rent in the building at the corner of Avenue of the Americas and West 50th Street, but a source with knowledge of the deal said that the upper floors of the building start above $100 per square foot.
Bloomberg first reported the deal.
Daiwa Capital Markets is the American arm of a Japan-based firm that deals in Asian and U.S. equities, financial futures and investment banking.
“This investment is part of our commitment to providing our clients with the best possible service, and I am confident that it will help us achieve even greater success in the years to come,” Daiwa Capital Markets Chairman and CEO Keiji Machida said in a statement.
Newmark (NMRK)‘s David Falk and Peter Shimkin negotiated the deal on behalf of Mitsui while Savills‘ Erik Schmall and Scott Weiss represented Daiwa Capital in the deal. Newmark and Savills did not immediately provide a comment.
Other new tenants in the 54-story building include law firm Sullivan & Worcester, which signed a relocation deal for 41,900 square feet in May, and financial adviser Solomon Partners, which signed a 15-year lease for 70,662 square feet on the entire 32nd floor in December 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
