Clarendon, which currently has 150 employees in its 1177 Avenue of the Americas office, will take two floors in the tower. John Powers, president of CB Richard Ellis's Tri-State operations, handled the transaction with SVP Peter Turchin. Bruce Rothman of Studley Brokers assisted Clarendon in its nine-month search process.

This state-of-the-art building, also known as 7 Times Square, is located on the south side of 42nd Street at Broadway and Seventh Avenue. Clarendon, which currently leases 41,000 sf, expects to move 160 employees into the tower space.

Staying in the Midtown area was a key deciding factor for Clarendon. The company considered several locations both in Manhattan and the Metropolitan area including Lower Manhattan, Stamford, CT and Westchester. Ultimately, Clarendon decided that remaining in midtown would allow the company to best meet the needs of its employees, while offering the greatest flexibility for future growth.

"This location will allow for our continued growth in the marketplace and give Clarendon the opportunity to create an urban corporate campus in Manhattan," says Clarendon CEO Detlef Steiner.