[IMGCAP(1)]NEW YORK CITY-Investment management firm Paulson & Co. Inc. has leased the 50th floor at 1251 Avenue of the Americas. The lease, totaling 44,100 sf, has a 10-year term.
“Demand for premium office space in the Midtown area remains strong, particularly among the financial and professional services firms,” notes Christopher Perez, VP of locally based Mitsui Fudosan America, which owns the property. “This transaction fits well with our strategy of attracting and retaining high quality tenants as we continue to develop our portfolio assets and explore strategic acquisitions in the New York market.”
[IMGCAP(2)]Perez continues that “these sectors have continued to experience tremendous growth despite recent market volatility, and are generally compelled to maintain a solid presence in the heart of Manhattan.” MFA purchased 2.4-million-sf building in 1986 from Exxon Corp. and the Rockefeller Group for $610 million, according to reports.
“As we considered venues for our growing operations, 1251 Avenue of the Americas stood out because of its superior facility, management, and location,” explains Putnam Coes, COO of Paulson & Co. Inc. “Throughout the process, we were very impressed with Mitsui Fudosan America’s professionalism and responsiveness.”
MFA continues to grow its US portfolio, with a strong focus on the New York City, San Francisco, Boston, Chicago, Washington, DC and Los Angeles markets. In 2007, MFA acquired significant holdings in New York and San Francisco, following acquisitions of two properties in Washington, DC in 2006. The company also owns two substantial development sites in Downtown Los Angeles.
The building at 1251 Avenue of the Americas is in the heart of Midtown Manhattan and has been continually upgraded, with the most recent addition being the renovation of the outdoor plaza and fountain in 2006. The building is 100% leased to premier tenants, according to a MFA statement.
Further information was unavailable by deadline including taking rent and the aggregate lease value, however lease rates break the $100-per-sf mark, according to a prepared statement.