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Prominent Manhattan office owner Paramount Group, Inc., has awarded Newmark Grubb Knight Frank the exclusive leasing duties for 1301 Avenue of the Americas, a 1.75-million-square-foot, 45-story, Class A office tower that occupies the entire block between 52nd and 53rd streets. Paramount’s selection of NGKF is significant because it is the first time the property owner has hired an outside firm to market this asset.
There is 340,586 square feet available, featuring a prime opportunity to secure a contiguous block of 180,689 square feet in the tower section of the property. These highly efficient 30,000-square-foot floors have significant Central Park and Manhattan skyline views, and appeal to the more traditional law firm, private equity and hedge fund occupiers.
In addition, the entire seventh floor comprising 63,211 square feet is available. Tenant demand for large open floor plates is noteworthy on Avenue of the Americas, according to NGKF Executive Managing Director Andrew Sachs. He and Executive Managing Director Timothy Gibson, with Managing Directors Bill Levitsky and Ben Shapiro, will head up 1301’s leasing efforts. The assignment is the team’s first big win since joining NGKF in September from Cushman & Wakefield.
“1301 Avenue of the Americas is a tremendous asset that offers tenants a variety of floor plate sizes and rental rates. Combined with its direct concourse connection to Rockefeller Center and seven subway lines, large window ribbons that maximize daylight, branding opportunities and a prestigious full block lobby entrance, the available space at 1301 Avenue of the Americas has seen terrific traction in the marketplace,” Mr. Sachs says.
The most recent addition to the prestigious tenant roster is Chadbourne & Parke, which leased 203,102 square feet. Tenants of note in 1301 Avenue of the Americas include Barclays, Crédit Agricole, Commerzbank, and OakTree Capital Management.
Paramount Group received a BOMA Pinnacle Award (for buildings over one-million square feet) for 1301 Avenue of the Americas, which is also LEED certified and has an ENERGY STAR award.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.