Silverstein, CalSTRS Tap JLL for Leasing at 1177 Avenue of the Americas
- Feb 10, 2012
February 10, 2012
By Nicholas Ziegler, News Editor
In order to best take advantage of its trophy property at 1177 Avenue of the Americas in Manhattan, the partnership of Silverstein Properties and California State Teachers’ Retirement System has chosen Jones Lang LaSalle Inc. as its leasing agent for the Class A, 1 million-square-foot office tower. The building, formerly known as the Americas Tower, will undergo a re-development program as part of the leasing efforts.
Calling the re-development “extensive,” Paul Glickman, a vice chairman with JLL, noted that the building’s tenants draw from a variety of industries and include PricewaterhouseCoopers L.L.P. and The Carlyle Group. The building was completed in 1992 and sits on Sixth Avenue between West 45th and West 46th streets. JLL also noted that approximately 248,479 square feet of office space is available at the property in three separate blocks.
Silverstein Properties, as per usual, has been in the news for its moves in the New York market. In December, the firm named Martin Burger as its co-CEO in order to drive new business outside of home base in the five boroughs. As recently as last month, the developer was also at the center of some debate as to the height of 3 World Trade Center, which is currently under construction and active leasing.
California retirement systems have been making some moves of late; in mid-2011, the California Public Employees Retirement System transferred $570 million of assets to a new management firm in order to better manage its portfolio.
As of 2010, CalSTRS was the largest pension fund in the country and eighth-largest worldwide.