Silverstein Properties Inks Two Leases at Plaza District Office Tower
Silverstein Properties has signed two leasing agreements totaling 47,929 at 1177 Avenue of the Americas, a 1 million-square-foot, Class A+ office tower in Manhattan’s Plaza District.
Cushman & Wakefield negotiated both deals on behalf of the landlord. Newmark represented private equity firm Mill Point Capital Partners, while CBRE worked on behalf of YMCA Retirement Fund.
Mill Point Capital Partners signed an approximately six-year expansion, bringing its total footprint at the property to 23,289 square feet. The company now occupies the entirety of the 44th floor. YMCA Retirement Fund signed on for 24,640 square feet and 13 years. The company will fully occupy the 16th floor, relocating from 120 Broadway, which belongs to the same owner.
Some of the other tenants at the property include Kramer Levin, The Weather Channel, Seer Capital Management, Gates Capital Management, Flagstar Bank and Tradeweb, according to CommercialEdge.
A sought-after asset
Silverstein Properties has owned 1177 Avenue of the Americas since 2007, when, together with CalSTRS, it paid more than $1 billion for ownership interest in the property, according to CommercialEdge. The seller was Paramount Group and the deal represented the third investment made through Metro Fund LLC, a joint venture between CalSTRS and Silverstein Properties. Later in 2021, CalSTRS bought the remaining 49 percent ownership stake from UBS Realty Investors for $860 million, becoming majority owner of the asset.
The property is a 47-story office building built in 1988. It includes column-free floor plates between 9,900 and 33,900 square feet and 18 passenger elevators. Additionally, the property includes a mixed-use amenity floor with a club lounge, private seating, boardroom, lounge area, meeting and collaboration rooms, a multipurpose room, as well as meditation pods and changing rooms.
Cushman & Wakefield’s team included Chairman Bruce Mosler, Vice Chairman Lou D’Avanzo, Executive Vice Chairman Ethan Silverstein, Managing Director Anthony LoPresti, Senior Associates Peter Kerans and Caroline Collins.
Newmark’s Executive Managing Director Erik Harris worked on behalf of Mill Point Capital Partners, while CBRE’s team of Executive Vice Presidents Laurence Briody and Lauren Crowley, together with Senior Associates Courtney Hughson and Eric Sears represented YMCA Retirement Fund.
Recent Manhattan office leases
Recent deals in the borough include ATCO Properties & Management signing a 14,000-square-foot deal at 381 Park Ave. S., a 228,000-square-foot office building in Manhattan’s Gramercy Park. The tenant is Caudalie Inc., a French skincare company that relocated its U.S. headquarters at the 17-story property.
David Yurman has signed a renewal and expansion lease totaling 150,000 square feet at 200 Hudson St., a 380,971-square-foot office property owned by Hudson Square Properties. The owner is a partnership of Trinity Church Wall Street, Norges Bank Investment Management and Hines.
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