Three New Tenants Bring 461 Fifth Avenue to 100% Leased
By Nick Trombola April 10, 2024 3:29 pm
reprints
Midtown continues its streak as a leasing bright spot in the otherwise dismal New York City office market.
Investment management company Lingotto, commercial logistics firm Certified Moving & Storage and independent fund administrator Centaur Fund Services U.S. separately inked three deals at 461 Fifth Avenue, together totaling nearly 30,000 square feet, according to landlord SL Green (SLG) Realty.
Asking rent was $85 per square foot, a spokesperson for SL Green said.
First up, Lingotto leased 11,232 square feet on the entire sixth floor of the building for 10 years, SL Green said.
The London-based company, which has $4.6 billion in assets under management, plans to open its first New York City office in the Fifth Avenue building.
Lingotto was represented by Ron Lo Russo, Harley Dalton and Samantha Perlman at Cushman & Wakefield (CWK). A spokesperson for C&W did not immediately respond to a request for comment.
A few floors up, Certified also took 11,232 square feet at the building, encompassing the entire ninth floor, for 15 years, SL Green said. The company has warehouses in Secaucus, N.J., and headquarters at 286 Madison Avenue. A spokesperson for SL Green said it’s opening a new office in the Fifth Avenue building.
The firm was represented by Colliers (CIGI)’ Robert Tunis and Sam Einhorn. The Colliers brokers declined to comment.
Centaur, meanwhile, inked the smallest of the three leases at 6,993 square feet for six years on the entire 23rd floor, according to SL Green. The company has an outpost at 130 West 42nd Street, and the SL Green spokesperson said the Fifth Avenue space will be a new office for the company.
Centaur was represented in the transaction by Hugh McDonald and David Katz at CBRE (CBRE), who declined to comment.
For its part, SL Green was represented by Brian Waterman, Scott Klau, David Waterman and Kevin Sullivan of Newmark (NMRK) in all of the transactions. A spokesperson for Newmark did not immediately respond to a request for comment.
The three new deals bring the building to 100 percent leased, with the new tenants joining the likes of Everest Reinsurance Company, Hewlett Packard Enterprises and Prologis.
“The building’s 100 percent occupancy is further evidence of the continued improvement in Midtown’s leasing velocity,” SL Green Executive Vice President Steven Durels said in a statement.
Despite some notably large leases in Midtown in the first quarter of this year, such as luxury brand Michael Kors renewing its 203,000-square-foot space at 11 West 42nd Street and discount retailer Burlington Stores expanding to nearly 171,000 square feet deal at 1400 Broadway, the market for office space in Manhattan is still bleak. The availability rate in the borough reached a record 18.2 percent in February, a 1 percent increase year-over-year, according to a report by Colliers.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
