FDIC Relocating to 147K SF at 1166 Avenue of the Americas
By Mark Hallum January 13, 2025 12:53 pm
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The Federal Deposit Insurance Corporation (FDIC) will relocate from the Empire State Building to 147,543 square feet at 1166 Avenue of the Americas, Commercial Observer has learned.
The government agency, which insures bank deposits and supervises financial institutions, signed the 10-year deal for the eighth, ninth and 10th floors of the Edward J. Minskoff Equities-owned 44-story tower, according to landlord broker JLL (JLL). Asking rent was $80 per square foot.
The FDIC will be expanding from the 119,226 square feet it currently has at the Empire State Realty Trust-owned skyscraper.
“1166 Avenue of the Americas is a premier Midtown asset that provides a superior tenant experience beginning in the Gensler-redesigned lobby, which houses an extensive art collection, and continuing throughout the building with a host of market-leading amenities,” Edward Minskoff said in a statement.
JLL’s Paul Glickman, Diana Biasotti, Cynthia Wasserberger and Christine Colley negotiated on behalf of the landlord along with Edward J. Minskoff’s Jeffrey Sussman and Matt Pynn. Connor Faught and Sheena Gohil from Colliers (CIGI) represented the FDIC and did not immediately respond to a request for comment.
The landlords also recently secured a $235 million refinancing from Wells Fargo for the building, which sits on Avenue of the Americas between 45th and 46th streets.
Other recent deals in the tower include a 15-year, 40,240-square-foot lease from commercial insurance firm CNA Insurance, which is relocating from 125 Broad Street, and Axis Insurance, which signed a 40,240-square-foot deal in February 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
