General Underwriter Verist Takes 11K SF at 650 Fifth Avenue

Verist, a new managing general underwriter, is opening an office in Midtown, Commercial Observer has learned.

Verist has signed a 10-year lease for 11,000 square feet on the entire 19th floor of 650 Fifth Avenue, according to a source with knowledge of the deal. Asking rent was $80 per square foot.

The deal represents Verist’s first office. The company was created in August when insurance firms United Risk and Verita CSG acquired a portfolio from Willis Towers Watson (WTW), according to an announcement at the time.

“This is not just the start of a new company — it is the beginning of something bigger,” Michael Chang, who previously worked at WTW and was tapped to lead Verist as CEO, said in a LinkedIn post announcing the news. “We are stepping into the alternative insurance space with a fresh perspective, a deep respect for relationships, and a drive to do things differently.”

Savills’ Kirill Azovtsev, Alex Redlus and Jim Wenk brokered the 650 Fifth deal for the tenant, while the landlord — 650 Fifth Avenue Company — was represented in-house and by Cushman & Wakefield’s Barry Zeller and Mike Tranfalia.

Savills declined to comment, while spokespeople for C&W and United Risk did not immediately respond to requests for comment. Spokespeople for Verist and the landlord could not be reached for comment.

Verist will keep former Verita leadership, staff and associated operations with the portfolio “fully intact and seamlessly functional as renewals and new placements are processed,” United Risk said in the August announcement.

Verist will join several other tenants at its new building on the corner of Fifth Avenue and West 52nd Street, including law firm Gibney Anthony & Flaherty and real estate firm TGM Associates, as well as Nike and Rolex in the retail space.

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