The Tokyo-based insurer, currently housed in the 49-story, 1.2-million sf office tower at 101 Park Ave., expects to occupy the space in July. The company's new headquarters will be located on the 34-story building's entire third floor and a portion of the second floor. The lease is reportedly valued at roughly $50 per sf. The insurance company's current space is said to cost $80 per sf.
Peter Riguardi, Robert Flippin and Cynthia Wasserberger of Colliers ABR represented Tokio marine in the deal. David Falk, Robert Silver and Richard Weiss of Newmark & Co. Real Estate Inc. represented building owner Max Capital Management Corp. One of Manhattan's largest private real estate owners, Max Capital's current portfolio comprises more than seven million sf. The firm's management team includes chairman N. Richard Kalikow and president and CEO Adam C. Hochfelder.
According to earlier reports, Tokio Marine started looking for cheaper space last summer and was close to sealing the deal on a sublease at 633 Third Ave. But the final meeting with sublessor Mount Sinai Hospital was scheduled for Sept. 11 and the lease was never signed.
230 Park Ave., located between 45th and 46th streets directly opposite Grand Central Station, is often referred to as the "crown jewel" of Park Avenue. Formerly known as the Helmsley Building, it was completed in 1929 by Warren & Whetmore and was the original headquarters of the New York Central Railroad Co. Max Capital bought the property from Helmsley-Spear for $253 million in 1988 and spent $50 million on a capital improvement program that turned it into a class A icon building.
Major tenants in the building include Chase Securities, Swiss Re America holding Corp., Houston & Rosen and ING Barings.
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