Neuberger Berman Moving to 1290 6th Ave.

NEW YORK CITY—Neuberger Berman is planning to relocate its global headquarters in New York City in the fourth quarter of 2016 to 1290 Avenue of the Americas, which is owned and operated by Vornado Realty Trust.

The new lease is for approximately 355,000 square feet for a  20-year lease term. Neil Goldmacher of Newmark Grubb Knight Frank brokered the deal for Neuberger Berman and Vornado was represented by Cushman & Wakefield's Josh Kuriloff and Bruce Mosler as the lead brokers. The firm's Franklin Speyer and Mikael Nahmias also worked on the deal.

Neuberger Berman is being given a chance to create a greater presence at the building—partly through branding at several points in the building, Kuriloff. executive vice chairman, tells GlobeSt.com. “There will be a visitors center exclusive to Neuberger Berman and branding over the front door. Further, the company will have the ability to grow within the asset.”

The branding was a worthwhile offering by Vornado for Neuberg Berman, given the tenant's large, long-term commitment to the building—while the signing of the lease was a testament to a recent, extensive renovation done on the office tower and to the economy in general, he adds.

“Vornado repositioned a 50-year-old asset to a best-in-class building and the company felt this was a quality tenant making a commitment. This move sends a powerful statement that we're in full recovery mode in Manhattan real estate.” Newmark declined to comment.

Located between 51st and 52nd streets, 1290 6^th Ave. will feature extensive Neuberger Berman branding and a dedicated lobby visitor center. Vornado recently completed a transformation of the building, including a new lobby and infrastructure. The location will offer clients a state-of-the art conference center accessed by a dedicated client elevator.

Neuberger Berman has been in its current location at 605 Third Ave. since 1992. With the current lease expiring in 2017, the firm began researching its long-term options for its headquarters two years ago and was fortunate to have several attractive options. The 1290 Avenue of the Americas location was ultimately preferred given the extensive infrastructure investment recently made by Vornado, the central location, and the opportunity to build a client conference center with commanding views.

“Neuberger Berman has a great and long-standing history in New York City and we are excited about this next chapter,” says George Walker, the firm's chairman and CEO. “In both location and capabilities, our offices reflect our commitment to our employees and our mission to serve clients.”

Adds Steven Roth, chairman and chief executive officer of Vornado, “Vornado is delighted to welcome Neuberger Berman to 1290 Avenue of the Americas, our 2.1 million square foot office building in the heart of corporate row on Avenue of the Americas. Our business is to supply great space to great tenants. We have known Neuberger Berman a long time and they are best in class.”