Japanese Insurance Group Tokio Marine Takes 24K SF at Durst’s 825 Third Avenue

Tokio Marine Group, a multinational insurance holding company headquartered in Tokyo, is consolidating three of its subsidiaries’ offices at The Durst Organization’s 825 Third Avenue, Commercial Observer has learned.

Tokio Marine America (TMA) and Tokio Marine North America Services (TMNAS), management companies supporting Tokio Marine Group’s overall operations, have signed a 10-year lease for 11,816 square feet on the entire 23rd floor of the 40-story Midtown East office tower, while Tokio Marine HCC (TMHCC), which specializes in complex areas of insurance for the group, took 11,816 square feet on the entire 24th floor of the building, according to the landlord.

All told, the companies will take a combined 23,632 square feet of office space at the building on the corner of Third Avenue and East 50th Street.

The deals represent relocations for the companies, as TMA and TMNAS will leave their current offices at 590 Madison Avenue, and TMHCC will move from 600 Lexington Avenue, Durst said.

“Following a $150 million renovation, 825 Third Avenue has attracted companies from throughout the Plaza District due to the building’s modern workspaces, amenities and access to transit,” Durst Organization President Jody Durst said in a statement. “We look forward to welcoming Tokio Marine Group to the building’s community of forward-thinking tenants.”

The asking rent was unclear, but when private investment firm Haven Capital Partners signed a lease at 825 Third Avenue in August, asking rent was $98 per square foot.

JLL’s Cynthia Wasserberger, Carlee Palmer, and Jakob Cohn brokered the deal for TMA and TMNAS, while Savills’ Mike Catalano, Jeffrey Peck, Daniel Horowitz and Jacob Stern represented TMHCC. Durst was represented in-house by Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara.

Spokespeople for Tokio Marine Group, JLL and Savills did not immediately respond to requests for comment.

Founded in 1879, Tokio Marine Group is one the largest and oldest insurance groups in the world. The group comprises more than 250 subsidiaries in more than 480 cities across 46 countries and regions.

Tokio Marine Group will join several other tenants at the recently renovated 825 Third Avenue, including Haven Capital, law firm Slarskey, real estate investment trust Macerich, financial services provider Edward Jones, flexible workspace provider Stark Office Suites, private equity firm Siris Capital Group, trading and distribution company Toyota Tsusho America, and Allied Irish Banks.

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