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Category Archive1271 Avenue of the Americas

Complex Expands With a Move to Part of Yahoo’s Office in Times Square

Complex Networks, the umbrella company that includes Complex and its sub-brands like First We Feast and Pigeons and Planes, is moving to the old New York Times Building.

The hip-hop-influenced media company subleased 80,000 square feet from Yahoo at Columbia Property Trust’s 229 West 43rd Street between Seventh and Eighth Avenues, Crain’s New York Business reported. Complex plans to leave its longtime, 64,000-square-foot office space at 1271 Avenue of the Americas between West 50th and West 51st Streets and take over the Yahoo space next week. Yahoo occupies 193,000 square feet in the historic, 482,000-square-foot property.

Rich Antoniello, Complex’s chief executive officer, told Crain’s that Yahoo’s offices appeal to the company because the space features four video production studios. Complex, like many media outlets, is focusing heavily on expanding its short-form videos, and it recently partnered with cable music channel Fuse. Over the past year, it has grown its slate of programs to 33 daily and weekly shows, focused largely on talk shows and reality shows.

Not surprisingly, Yahoo and Complex are both owned by Verizon. The telecom giant acquired Yahoo over the summer and purchased Complex a year ago in a joint venture with Hearst Communications.

Spokespeople for Yahoo and Complex didn’t respond to requests for comment, and the terms of the deal were not disclosed.


Source: commercial

Mizuho Signs Deal to Triple Planned U.S. HQ to 411K SF

Mizuho Americas, the U.S. division of Japanese bank Mizuho Financial Group, has signed a 270,000-square-foot lease to nearly triple the size of its future U.S. headquarters at 1271 Avenue of the Americas, according to a new release by landlord Rockefeller Group.  

The deal adds to the 141,000-square-foot deal that Mizuho signed in June, bringing the company’s planned footprint to a total of 411,000 square feet. The company is expected to start occupying the 2.1 million-square-foot building between West 50th and 51st Streets in 2019.

Mizuho plans to relocate employees from 320 Park Avenue, 1440 Broadway and 125 West 50th Street, as Commercial Observer previously reported. Rockefeller did not disclose the terms of the new transaction. The asking rent in the previous deal was in the low $80s per square foot, as CO reported.

“The growth of Mizuho Americas has been tremendous,” John Buchanan, head of strategy for Mizuho Americas, said in a statement.  “We are reaching capacity at our existing leases and look forward to consolidating our many offices throughout the city in one, world-class location that affords us the ability to continue implementing our expansion plans.”

A Savills Studley team of Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein handled the deal for Mizuho, while CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna represented Rockefeller Group. CBRE worked alongside an in-house Rockefeller Group team of Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Yoko Yamada and Eden Jeon.

Rockefeller Group is currently completing a Pei Cobb Freed & Partners-designed $600 million redevelopment of the 48-story 1271 Avenue of the Americas. The renovation includes a new glass curtain wall facade that will allow 60 percent more daylight into offices and restoration of the lobby. Part of the reason that Mizuho Americas chose to expand planned offices is because of the redevelopment, according to Guiltinan, a senior vice president at Rockefeller Group.

“This commitment… demonstrates the market’s positive reception to the ongoing renovations to this iconic asset,” Guiltinan said in prepared remarks. “1271 Avenue of the Americas provides a rare opportunity to relocate to virtually new construction in the heart of Midtown.”

A spokeswoman for CBRE declined to comment and a spokeswoman for Savills Studley did not immediately respond to an inquiry for comment.

The New York Post first reported news of the expansion.


Source: commercial

A Slimmed Down Clinton Foundation Heading to 1633 Broadway

The Clinton Foundation is moving its offices from 1271 Avenue of the Americas to 1633 Broadway, Commercial Observer has learned, months after the shutdown of the foundation’s Clinton Global Initiative.

“Our lease is up at the end of the year, and as part of major renovations to our current building, all tenants have been asked to vacate,” a foundation spokesman said.

According to sources with knowledge of the deal, the 20-year-old charity took 36,393 square feet, or the entire fifth floor, via a sublease from ad delivery firm Extreme Reach at 1633 Broadway. The deal is for 11 years, with an asking rent of $58 per square foot.

Extreme Reach occupies the fifth and sixth floors of Paramount Group’s 48-story, 2.6-million-square-foot building between West 50th and West 51st Streets, and will consolidate onto the sixth floor.

Another tenants in the building includes law firm Arent Fox, which inked a deal for 76,000 square feet in August. Other tenants include Allianz Global, Morgan Stanley and Warner Music Group.

The Clinton Foundation is relocating from the 42nd floor at 1271 Avenue of the Americas between West 50th and West 51st Streets as the building undergoes a $325 million renovation, as The Wall Street Journal previously reported. CoStar Group indicates the foundation’s office there is 30,044 square feet.

Former President Bill Clinton created the foundation in 2001 as a way to fund his presidential library, The New York Times reported. Created in 20015, the Clinton Global Initiative served as a networking platform for The Clinton Foundation. In January, a Worker Adjustment and Retraining Notification Act (WARN) notice filed with the New York State Department of Labor indicated that 22 people would be losing their jobs due to the discontinuation of the Clinton Global Initiative, as Observer previously reported. The layoffs were to be effective as of April 15, according to the WARN notice, but a New York Times article dated Feb. 2 indicates the shutdown had been completed by that point.

The foundation spokesman assured: “The Clinton Foundation’s work has continued strong in 2017.”

CBRE’s Keith Caggiano and Roshan Shah represented the foundation in the deal and Mark Weiss and Seth Hecht of Cushman & Wakefield worked on behalf of Extreme Reach. CBRE’s spokeswoman declined to comment and a spokesman for C&W didn’t immediately respond to an inquiry.


Source: commercial

HedgeServ Corporation Takes 48K SF of Old Condé Nast Space at 4 Times Square


Source: commercial

Japanese Bank Mizuho Takes 148K-SF for U.S. HQ at 1271 Avenue of the Americas

Mizuho Americas, the U.S. division of Japanese bank Mizuho Financial Group, has signed a 148,000-square-foot lease at 1271 Avenue of the Americas, according to a new release by landlord The Rockefeller Group.

The company, will occupy the second and third floors as well as space below grade at the 2.1-million-square-foot, 48-story building between West 50th and West 51th Streets. The bank will be moving employees from multiple locations at 320 Park Avenue, 1440 Broadway and 125 West 50th Street, as Crain’s New York Business previously reported before the deal closed last month.

CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna brokered the deal for Rockefeller Group, which is owned by Japan-based Mitsubishi Estate. The CBRE team worked alongside The Rockefeller Group’s leasing team of Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Taku Tanikawa, Yoko Yamada and Eden Jeon.

Savills Studley’s  Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein. represented Mizuho Americas. The brokers did not immediately respond to a request for comment via a spokeswoman.

“With the continued expansion of our corporate and investment banking franchise in the U.S. and across the region during the last several years, strengthening our business and technology infrastructure to match our growing client footprint has become a critical necessity,” John Buchanan, head of strategy for Mizuho Americas, said in a prepared statement. “Establishing 1271 Avenue of the Americas as our new U.S. headquarters will allow us to better serve clients by bringing together Mizuho employees from multiple office locations in one space.”

The asking rents in the deal was in the low $80s per square foot, as The New York Post reported.

Following the departure of Time Inc. to 225 Liberty Street at Brookfield Place, The Rockefeller Group began a $600 million redevelopment of 1271 Avenue of the Americas with designs by Pei Cobb Freed & Partners. They are currently replacing the concrete façade with an all glass curtain wall and restorating the landmarked lobby.

“The ongoing renovations to the building enable Rockefeller Group to provide modern, efficient, and highly-desirable space to tenants in one of the most accessible and amenity-rich locations in Manhattan,” Guiltinan, a senior vice president and the head of leasing in New York for The Rockefeller Group, said in prepared remarks. “We are pleased that Mizuho in making their decision recognized the many benefits of being located in the new 1271 Avenue of the Americas.”

Major League Baseball took more than 400,000 square feet at the building in last year, as CO previously reported. Also The New York Times subleased 160,000 square feet from Time Inc. as well.

“The level of interest and activity we are getting for this modern, state of the art building in the heart of Midtown validates Rockefeller Group’s decision to commit to this dramatic renovation,” Maher said in a statement.


Source: commercial