1271 Avenue of the Americas is undergoing a $600-million redevelopment program.

NEW YORK CITY—While there is still a long way to go, the Rockefeller Group has inked its second major lease deal at its 2.1-million-square-foot office tower at 1271 Avenue of the Americas—a 148,000-square-foot lease with Mizuho Americas.

Last October, Major League Baseball signed the first lease at the former Time-Life building for more than 400,000 square feet. The MLB will occupy six floors at the iconic office building that first opened in 1959. Last year building owner Rockefeller Group began construction on a massive $600-million redevelopment of the 48-story Midtown office tower. The two leases totaling nearly 600,000 square feet, leaves approximately 1.3 million square feet of office space available in the tower floors. However, Rockefeller Group officials say they are very pleased with the tenant interest in the property.

Mizuho will establish its new U.S. headquarters at the property and will occupy the second and third floors, as well as below-grade space. Rockefeller Group says the Mizuho Americas lease will involve the consolidation of some of its offices in the New York metro area to the property. Mizuho Americas is a subsidiary of Japan-based Mizuho Financial Group, one of the world's leading financial institutions, with $1.8 trillion in assets globally.

According to its website, Mizuho Americas maintains offices at 1251 Avenue of the Americas, 320 Park Ave.,1140 Broadway, 757 Third Ave. and 135 W. 50^th St. The firm also maintains two offices in New Jersey (Hoboken and Jersey City). Its other US office locations are in: Atlanta, Boston, Chicago, Houston, Los Angeles, Philadelphia and San Francisco.

John Buchanan, head of strategy, Mizuho Americas, says the firm's expansion of its corporate and investment banking franchise in the US and in the Americas during the last few years created a need to strengthen its business and technology infrastructure. “Establishing 1271 Avenue of the Americas as our new US headquarters will allow us to better serve clients by bringing together Mizuho employees from multiple office locations in one space, thereby increasing synergies, optimizing resources and enhancing our execution capabilities,” he said.

Mizuho was represented by a Savills Studley team that included Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein. A CBRE team of Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna, in coordination with an in-house Rockefeller Group leasing team that included Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Taku Tanikawa, Yoko Yamada and Eden Jeon, represented building ownership in the transaction.

“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,” says CBRE's Maher. “We are thrilled that yet another sophisticated tenant like Mizuho has decided to lease space with us.”

Guiltinan, SVP and head of leasing in New York for Rockefeller Group, echoed Maher's remarks saying that there is significant tenant interest in the property.

“We are in negotiations with several prospective tenants for the building each of whom is in excess of 200,000 square feet,” he tells Globest.com. While he would not divulge the identity of any of the prospective tenants, he stresses, “We are very encouraged by the level of activity.”

Several factors are driving tenant demand, including the scope of the renovations at the building as well as its Midtown Manhattan location. He notes that when the capital improvements are complete, “It will basically be a new building in one of the best locations in the center of Midtown Manhattan.”

Major elements of the project, which is expected to be completed by the end of 2019, include replacement of the building's glass curtain wall, allowing approximately 60% more daylight into the interior space and enhancing views, as well as restoration of the building's landmarked lobby, including its Copacabana-inspired floors, its stainless-steel-covered elevator core, marble walls and other improvements.

Major League Baseball is expected to take possession of its space in July 2018 and Mizuho Americas will take possession for construction in January 2019.

Guiltinan, SVP and head of leasing in New York for Rockefeller Group, echoed Maher's remarks saying that there is significant tenant interest in the property.

Major League Baseball is expected to take possession of its space in July 2018 and Mizuho Americas will take possession for construction in January 2019.

Instant Insights /

Rockefeller Group Lands Second Major Lease at 1271 Ave. of Americas

Related Stories

Recommended For You