Major Leasing Agreements Secure Tenants at Midtown Manhattan Tower

Major Leasing Agreements Secure Tenants at Midtown Manhattan Tower

Two significant transactions have been finalized at 1251 Avenue of the Americas, a prominent Midtown Manhattan office property owned by Mitsui Fudosan America. The deals involve an expansion by a major law firm and a long-term lease extension by an insurance provider, signaling continued tenant demand for high-quality space in the market.

DLA Piper has expanded its presence in the 54-story tower by securing the entire 29th floor. The law firm added 41,600 square feet to its footprint, agreeing to an 8.5-year term. With this expansion, DLA Piper now occupies a total of 210,000 square feet at the property located between West 49th and West 50th streets. Sources indicate the asking rent for this additional space was $140 per square foot.

In a separate transaction, Ascot Group has signed a 12-year extension for its offices. The insurance company secured the entire 43rd floor, covering 44,100 square feet. Prior to this agreement, Ascot had been subleasing the space. The asking rent for the renewal was listed at $150 per square foot.

Leasing activity for the tower is managed exclusively by a team from Newmark, including David Falk, Pete Shimkin, Eric Cagner, and Claire Koeppel. Tenant representation was handled by CBRE Group, Inc.. The CBRE team of John Nugent and Alexander Golod represented Ascot, while Mike Wellen and Ken Rapp negotiated on behalf of DLA Piper.

These leases are part of a series of recent moves at the address. Earlier activity included a lease for alternative investing firm LGT Capital Partners and an expansion by Trust Company of the West to 80,200 square feet. CBRE Group, Inc. currently trades with a market capitalization exceeding $44 billion, operating within the real estate services sector. The firm provides advisory, building operations, and investment management services globally.

What to watch

• Future vacancy rates at 1251 Avenue of the Americas following these consolidations.
• Upcoming earnings reports from CBRE Group for insights into the broader commercial leasing volume.
• Additional sublease conversions in the Midtown market as firms finalize hybrid work strategies.

Source: original release