After law firm Lowenstein Sandler expanded to 125,000 square feet at 1251 Avenue of the Americas last week, asset manager TCW Group has extended the lease for its office space in the 1960s tower between West 49th and West 50th streets.
The company, which has about $266 billion worth of assets under management, renewed its 44,100-square-foot lease on the 47th floor for a 10-year term, according to the landlord’s brokers at Newmark. Asking rent was $99 a square foot.
James Travers of Cresa and Keith Caggiano of Avison Young represented TCW in the transaction. Newmark’s David Falk, Peter Shimkin, Eric Cagner and Nick Berger handled it for the landlord, Mitsui Fudosan America. Avison Young and Cresa spokespeople did not immediately respond to a request for comment.
“It’s very refreshing to see tenants growing in this market and doubling down on their commitment to office space in New York City,” Shimkin said in a statement.
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Mitsui Fudosan America and Newmark completed leasing transactions totaling 230,200 s/f at 1251 Avenue of the Americas. The building has maintained strong leasing momentum despite pandemic-induced tenant uncertainty that has stalled leasing activity in other parts of the city. The three transactions include Lowenstein Sandler for 125,700 s/f, Berenberg Capital Markets for 62,400 s/f and TCW for 44,100 s/f.
