NEW YORK CITY-In the latest move by a major insurer into new office space, Axis Reinsurance is pulling up stakes on Park Avenue and heading a few blocks west. The Axis Re unit of Axis Capital has signed a long-term lease for three floors totaling 121,019 square feet at Beacon Capital Partners’ 1211 Ave. of the Americas. A spokeswoman for Weichert Commercial Brokerage, which represented Axis Re, tells GlobeSt.com that terms of the deal were not disclosed.
The deal, announced formally on Tuesday by Weichert, had been in the works as long ago as February. A first-quarter leasing report from Studley cites an Axis Re deal at the 1.8-million-square-foot 1211 Sixth Ave., the headquarters of News Corp.
Axis Re’s current Midtown offices are at 430 Park Ave. Weichert says the tenant plans to move into the new space over the next few years.
A Cushman & Wakefield team of Josh Kuriloff, Ethan Silverstein and Mitch Arkin, says a C&W spokesman. Weichert SVPs Mario Chiarella and Mark Fowler, in collaboration with SVP Dana Pike of George Comfort & Sons, negotiated on behalf of Axis Re, according to a release.
Weichert had earlier represented Axis Re in a pair of New Jersey leasing deals: 26,614 square feet of office space at One University Square in Princeton, and approximately 31,000 square feet at 300 Connell Dr. in Berkeley Heights. Although financial terms of the 1211 Sixth deal were not available, asking rents at the 44-story property are reportedly $65 per square foot.
Earlier this month, Berkshire Hathaway subsidiary General Reinsurance Corp. consolidated into 56,106 square feet at Mack-Cali Realty’s 125 Broad St. The Gen Re deal followed shortly after news that insurance giant CNA was taking 80,000 square feet at the same Downtown office property.
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