Real Estate

Big upgrades to former Time-Life Building lure new tenants

Big-bucks capital upgrades mean new life for the tower formerly known as Time + Life — Rockefeller Group’s 1271 Sixth Ave.

H.I.G. Capital, which manages $30 billion in capital, is the latest new tenant at the 48-story tower between West 50th and 51st streets on the avenue’s sky-clogging corporate row.

The firm newly signed for just under 58,000 square feet on 1271 Sixth’s entire 23rd floor and part of the 22nd floor. It’s an expansion from 32,000 square feet at 600 Fifth Ave., which it will leave this year.

Sources said the asking rent was in the $90s per square foot.

When Time Inc. decided to head downtown to Brookfield Place a few years ago, Rock Group launched a $600 million upgrade to bring the 1959 vintage 1271 Sixth into the modern age. The project led by Pei Cobb Freed & Partners includes an all-new glass curtain wall, a “re-imagined” lobby and upgrades of building system and public plazas.

From standing empty in mid-2016, 1271 Sixth’s 1.9 million square feet of offices are now already more than 77 percent leased.

Among the deals were three of 2018’s largest leases — Latham & Wakins for 406,000 square feet, Bessemer Trust (240,000 square feet) and Blank Rome (138,000 square feet).

The fast fill-up of 1271 Sixth typifies the energy along the avenue, where landlords including Rockefeller Group, the Durst Organization, Vornado Realty Trust and Fisher Brothers recently pumped in a combined $1 billion-plus to bring older office towers up to 21st-century standards.

The H.I.G. lease was brokered by Newmark Knight Frank’s Brad Needleman and Jason Perla for the tenant. Rock Group was repped by Ed Guiltinan and Jennifer Stein in-house and by a CBRE team led by Mary Ann Tighe and Howard Fiddle.