Mitsui Fudosan Lands 70 KSF Manhattan Lease

1251 Avenue of the Americas rises 53 stories in Midtown Manhattan. Image courtesy of CommercialEdge

Financial advisor Solomon Partners has signed a 15-year lease with Mitsui Fudosan for 70,000 square feet at 1251 Avenue of the Americas in Manhattan. The firm will relocate and expand its headquarters from the 42,000 square feet it currently subleases at AllianceBernstein‘s 1345 Avenue of the Americas. Newmark brokered the transaction on behalf of both parties.

Formerly known as the Exxon Building, the 1970-completed property rises 53 stories and spans 2.4 million square feet, featuring 61,200-square-foot floorplates. It also includes roughly 21,500 square feet of retail space.

Solomon Partners will occupy part of the 31st and the entire 32nd floor of the LEED Gold-certified tower. Other tenants at the property include Bank of Tokyo, Mizuho and Natixis, according to CommercialEdge data.

Located in Midtown Manhattan, 1251 Avenue of the Americas is directly connected to Rockefeller Center and Times Square. It is also within walking distance of multiple metro stations and Central Park.

Manhattan office vacancies rise year-over-year

Newmark Chairman Neil Goldmacher and Associate Director Michael Horn represented Solomon Partners in the transaction, while the firm’s President David Falk and Vice Chairman Peter Shimkin worked on behalf of the landlord, as reported by the Commercial Observer. Falk and Shimkin were recently involved in negotiating a lease expansion at One World Trade Center.

As of October, the average listing rate for Manhattan office space clocked in at $70.71, representing a 5.4 percent drop year-over-year, but remaining the highest in the nation, according to a recent CommercialEdge report. The borough’s vacancy rate registered a 2.8 percent increase over 12 months, reaching 17.4 percent—slightly below the 17.8 percent national figure.