Global insurance company Starr has inked a deal to grab 49,264 square feet at 1177 Avenue of the Americas in Midtown, expanding its office footprint in the city.
The new lease will allow Starr to fully operate the seventh and eighth floors of the 47-story building, which is owned by Silverstein Properties. In addition, the firm will have access to private outdoor space, which provides a view of Sixth Avenue.
Recently, 1177 Avenue underwent renovation to update the lobby, including the 60-foot high ceilings. Also, a Middle Eastern restaurant, Naya, is set to open its doors on the base level this summer, according to Silverstein. Additionally, the one million square foot building has an amenity floor for tenants, which has fitness and wellness classes and coffee.
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According to Silverstein, Starr's lease will serve as an expansion of its local New York footprint. Its headquarters is located at 399 Park Avenue, also in Midtown.
Harlan Strader, vice president for leasing at Silverstein provided in-house representation for the landlord on the 1177 Avenue deal. Also, some representation was provided by Cushman & Wakefield. Meanwhile, Starr was taken care of solely by Cushman.
“We are proud to welcome Starr’s New York regional office expansion at 1177 Avenue of the Americas,” said Silverstein Vice President of Leasing, Harlan Strader.
“Striking a balance of big-business prestige with boutique touches, the uplifting, sun-filled environment we’ve created at 1177 Avenue of the America continues to attract world-leading firms that put a premium on wellness and productivity.”
The move comes a couple of months after another insurance company, H.W. Kaufman Group, agreed to relocate from 555 Fifth Avenue to 1177 Avenue. The 10-year deal gives it a portion of the 21st floor to work with at the property.
Some other tenants at 1177 Avenue include Columbia University, Kramer Levin, Mill Point Capital and Faegre Drinker.
Manhattan has seen some major office deals, as of late. Earlier this month, New York University signed a master lease to take more than one million square feet at 770 Broadway. Also, in May, Vornado Realty Trust's joint venture sold an office property in Chelsea for $205 million.
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