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Silverstein Properties Inks Lease in Midtown Manhattan

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A global specialty insurance organization committed to the 1 million-square-foot tower. The post Silverstein Properties Inks Lease in Midtown Manhattan appeared first on Commercial Property Executive.

Exterior shot of the entrance at the Americas Tower, a 47-story one million-square-foot office tower in Midtown Manhattan. — The 1 million-square-foot Americas Tower is LEED Silver certified. *Image courtesy of Silverstein Properties*

Global specialty insurance organization H.W. Kaufman Group has signed a 11,012-square-foot lease at Silverstein Properties’ 1177 Avenue of the Americas in Midtown Manhattan. The tenant will be relocating from its current space at 555 Fifth Ave. to the 1 million-square-foot office tower, with move-in scheduled for the end of this year.

The high-rise has been under Silverstein Properties’ ownership since 2007, when the company acquired it in a joint venture with CalSTRS from Paramount Group for $1 billion, according to CommercialEdge data.

H.W. Kaufman Group will occupy a portion of the 21st floor. The tenant roster features Kramer Levin, Mill Point Capital, Practising Law Institute, Regus and Metalmark Capital Holdings LLC. Savills worked on behalf of Kaufman in the lease signing, while Cushman & Wakefield, along with in-house staff, represented Silverstein.

Completed in 1992 and designed by Swanke Hayden Connell Architects, 1177 Avenue of the Americas rises 47 stories, offering floorplates between 9,900 and 33,900 square feet. Amenities at the LEED Silver-certified high-rise include on-site café, fitness and wellness classes, as well as a recently renovated lobby. The office tower is close to 14 subway lines, as well as to Port Authority Bus Terminal, Grand Central Station and Penn Station, all within a 1-mile radius.

In-house representative Harlan Strader, together with Cushman & Wakefield Vice Chairman Lou D’Avanzo, Managing Director Anthony LoPresti, Senior Associate Peter Kerans and Director Caroline Collins worked on behalf of the ownership in the lease signing. Savills Vice Chairman Kirill Azovtsev, alongside Managing Directors Shay Bolton and Alex Redlus, represented H.W. Kaufman Group.

Manhattan rents still highest in the U.S

As of February, Manhattan posted the highest listing rate in the country, at $68.24 per square foot, which is more than double the national average rate of $33.38 per square foot, according to a recent CommercialEdge office report.

Office vacancy reached 19.7 percent nationwide, marking a 180-basis-point increase year-over-year, but a 10-basis-point decrease from the previous month. Meanwhile, Manhattan’s vacancy rate reached 16.4 percent.

The post Silverstein Properties Inks Lease in Midtown Manhattan appeared first on Commercial Property Executive.