The 48-story 1271 Avenue of the Americas is the world headquarters for Time Inc. The media company will maintain more than 1.5 million sf there. Lehman Brothers is expected to expand into the new space later this year.

Studley's Mitchell Steir David Goldstein, Matthew Barlow, Howard Nottingham, John Mambrino, Greg Taubin and Jason Perla represented Time in the transaction. CB Richard Ellis' Robert Alexander, Michael Geoghegan, Andrew Sussman and Michael Wellen represented Lehman Brothers.

"Given the lack of top quality, large blocks of office space in Midtown Manhattan, the Time Inc. sublease opportunity ideally met all of our client's specific requirements and also complemented Lehman Brothers reputation as one of the world's most prestigious financial institutions," Alexander says.

Further details of the lease were not released and Studley did not have asking rates on data that listed floors 35 through 45 as available for subleasing. Direct leasing space on the 46th floor is listed for $100 per sf and previous reports suggest a $70 per sf rental rate, a Studley spokesperson tells GlobeSt.com the rental rate was undisclosed.

1271 Avenue of the Americas, or the Time-Life Building as it is often called, was built in 1958 as an extension of the Rockefeller Center development. It totals two million sf and is owned by the Rockefeller Group. The building takes up the entire block between 50th and 51st streets along Sixth Avenue.