LGT Capital Partners Takes 42K SF at 1251 Avenue of the Americas

LGT Capital Partners, a leading global specialist in alternative investing, has taken a decent chunk of office space in Midtown.

LGT signed a 10-year lease for 41,600 square feet on the 30th floor of 1251 Avenue of the Americas, a 54-story office tower owned by Mitsui Fudosan America, according to a new office report from CBRE and the brokers.

The deal represents a relocation for LGT, which will move from its current New York City office at 1133 Avenue of the Americas.

The asking rent was unclear, but CBRE’s report found office asking rents in Midtown averaged $84.77 per square foot in April.

Cushman & Wakefield’s Mike Movshovich brokered the deal for the tenant, while Newmark’s David Falk and Peter Shimkin represented the landlord. Spokespeople for Newmark, C&W, LGT and Mitsui Fudosan America did not immediately respond to requests for comment.

LGT will join several other tenants at its new building between West 49th and West 50th streets, including Trust Company of the West, Royal Bank of Canada, and law firms McGuireWoods and Davis Wright Tremaine.

The investment firm’s new lease at 1251 Avenue of the Americas was also one of the largest office leases signed in Midtown in April, following shoe and accessories retailer Steve Madden’s 60,003-square-foot lease at 501 Seventh Avenue, Apollo Enterprise Strategies’ 49,678-square-foot deal at 590 Madison Avenue and law firm Robinson+Cole’s 48,451-square-foot lease at 100 Park Avenue.

Manhattan’s office leasing velocity hit 3.61 million square feet in April, comfortably exceeding the 10-year monthly average of 2.78 million square feet, and surpassing April 2025’s leasing activity of 3.38 million square feet by 6.9 percent, according to a recent report from Colliers.

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