Japanese Bank Mizuho Takes 151K SF at RXR’s 1285 Avenue of the Americas

Japanese bank Mizuho Financial Group is taking office space at Midtown’s 1285 Avenue of the Americas.

Mizuho, the parent company of Mizuho Americas, signed a seven-year sublease for 151,409 square feet on two floors of the 39-story office tower owned by RXR, according to a February office report from Colliers (CIGI).

The asking rent was unclear, but Colliers’ report found office rents in Midtown averaged $79 per square foot in February.

The transaction will expand Mizuho’s presence in the neighborhood as it will keep its current 411,000-square-foot headquarters just one block south at 1271 Avenue of the Americas, according to the bank. Mizuho will move into its new space in late fall of this year.

It’s unclear who brokered the deal or who the sublandlord is. Spokespeople for Colliers and RXR did not immediately respond to requests for comment.

The building between West 51st and West 52nd streets is accustomed to some big deals. Last year, law firm Ropes & Gray signed one of the biggest leases of 2024 with its deal for more than 535,000 square feet at the office tower, as Commercial Observer previously reported.

The news of the Mizuho deal comes amid a slightly less busy month for office leasing in February, according to Colliers’ report.

Manhattan saw 3.2 million square feet of office space leased in February, down 12.5 percent from the 3.6 million square feet leased in January, the report found. However, it’s not all bad as leasing velocity grew by 38.3 percent year-over-year, and February’s demand surpassed 2024’s average monthly volume of 2.8 million square feet, Colliers said.

Isabelle Durso can be reached at idurso@commercialobserver.com.