Mitsui Fudosan Fills 1251 Sixth Avenue with $62M Lease
- Mar 18, 2008
Mitsui Fudosan America Inc. has leased the entire 50th floor at 1251 Avenue of the Americas in Manhattan to investment management firm Paulson & Co. The 10-year lease for 44,100 square feet has an aggregate fixed-rent value of $62 million, an MFA spokesperson told CPN, and also brings the 54-story, 2.4 million-square-foot Class A building to full occupancy. Current lease rates there top $100 per square foot, according to MFA. Newmark Knight Frank was the broker on the deal.“Demand for premium office space in the midtown area remains strong, particularly among the financial and professional services firms,” MFA vice president Christopher Perez said in a prepared statement. The spokesperson added that this is particularly true of upper floors with views, in newer buildings. A spokesperson for Cushman & Wakefield Inc. told CPN, that Class A office vacancies in the 6th Avenue/Rockefeller Center submarket were running at 4.6 percent at the end of February, with the average asking rent at $97.81 per square foot. A real estate investment and development company headquartered in New York, Mitsui Fudosan America Inc. is the U.S. subsidiary of Mitsui Fudosan Co., Japan’s largest publicly quoted real estate company. Although MFA’s U.S. commercial property investments have over the past 20 years been concentrated in California, Hawaii, and Washingon, D.C., the company has bought and sold buildings in New York in addition to its flagship 1251 Avenue of the Americas. In early December, the company acquired 100 William Street, a 400,000-square-foot Class A office building in Downtown Manhattan.