The 15-year direct lease--the firm currently occupies sublet space in the Fisher Brothers-owned building--begins in May 2004, when the bulk of the new space is vacated by Arthur Andersen LLP. Andersen will move its operations to Times Square Tower, Boston Properties' 48-story building currently under construction on 42nd Street between Broadway and Seventh Avenue. Accenture was previously a part of Andersen.
Accenture was represented by Julien J. Studley Inc. vice chairman Mitchell Steir and executive managing director Matthew Barlow. Fisher Brothers was self-represented. Details of the transaction were not released.
In addition to getting its more than 3,000 New York employees into closer proximity, Accenture will also gain additional brand identity with lobby plaques that will be hung on both sides of the building's main reception desk. The deal also includes contraction and expansion options. "We were able to structure and complete a lease designed to give Accenture maximum flexibility for their future space requirements while keeping them in one of the premiere office buildings in Midtown," Steir says.
Built in 1969, 1345 Avenue of the Americas, located between 54th and 55th Streets on the west side of the avenue, has 1.9 million sf of leasable space. The tower is built on an 83, 600-sf floorplate situated on a 100,000-sf lot. Floors are 40,000 sf.
Accenture, with more than 70,000 employees and 110 offices scattered across 46 countries, provides consulting services across a wide spectrum of industries and for more than half of the Fortune Global 500 companies. Its revenues for the fiscal year ended Aug. 31 were $11.44 billion.
One of the year's largest Midtown office transactions, the Accenture lease is the second mega-deal in that neighborhood for Steir and Barlow. They also brokered a 1.5 million-sf lease for Time Inc. at 1271 Avenue of the Americas in what Studley says was the largest New York City lease of 1999.
Building owner Fisher Brothers, based here, was founded in 1915 as a residential structure building company. It has since diversified into office property leasing and ownership as well as various financial operations. The firm currently owns and leases more than 6.7 million sf of office space.
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