Tokio Marine Takes 52,078 SF at 230 Park Ave.

NEW YORK CITY-Japanese insurance firm Tokio Marine has signed a 15-year lease on 52,078 sf of office space at the 1.3-million sf landmark building at 230 Park Ave. The two-floor space will serve as the firm’s New York headquarters.

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.