Neuberger Berman Takes 355 KSF at Vornado’s 1290 Avenue of the Americas
- May 02, 2014
In one of Manhattan’s biggest new leases so far this year, the investment management firm Neuberger Berman is moving its headquarters to 1290 Avenue of the Americas under a long-term deal with Vornado Realty Trust.
Beginning in the fourth quarter of 2016, the company will take about 355,000 square feet in the 2.1 million-square-foot office building located between 51st and 52nd streets. At its new headquarters, Neuberger Berman will be able to host its 1,600-plus annual management meetings in a state-of-the-art conference center. The firm will have also have a dedicated visitor lobby, a dedicated client elevator and extensive branding.
Neuberger Berman will relocate from 605 Third Ave., its headquarters since 1992. In a statement, the firm explained that it selected 1290 Avenue of the Americas because of the central location, a recently completed makeover and the opportunity to build a client conference center with commanding views.
Neil Goldmacher of Newmark Grubb Knight Frank brokered the 20-year lease for Neuberger Berman and Vornado was represented by Josh Kuriloff and Bruce Mosler of Cushman & Wakefield Inc.
The 43-story office tower takes up the entire block between 51st and 52nd streets. Built in 1963, the office building’s floor plates range from 25,000 square feet to 100,000 square feet. New York City-based architecture firm Moed de Armas & Shannon designed the transformation of the 43-story building that was completed in early 2013.
In November 2012, Vornado and the partnership that owns the building completed a $950 million refinancing. Vornado owns a 70 percent stake, and Donald Trump owns the remaining 30 percent.
Neuberger Berman will be joining a tenant roster including Axa Equitable, Cushman & Wakefield, Warner Music Group, and the law firms Bryan Cave L.L.P. and Fitzpatrick, Cella, Harper & Scinto. In December, Hachette Book Group leased 137,000 square feet at the building, according to Cassidy Turley’s fourth-quarter Manhattan office market report. The lease was one of 15 larger than 100,000 square feet signed in Midtown during the fourth quarter, the report noted.
Neuberger Berman’s planned move is the second blockbuster lease for an Avenue of the Americas office tower announced in than two weeks. On April 17, the Rockefeller Group announced that the law firm of White & Case L.L.P. would take 440,000 square feet at the McGraw-Hill Building at 1221 Avenue of the Americas. White & Case will move to the 2.5-million-square-foot building in 2017.