Mitsubishi Takes 96,700 SF in HQ Relocation

NEW YORK CITY-In an 18-year deal, Mitsubishi International Corp., a wholly owned subsidiary of Tokyo-based Mitsubishi Corp., has leased 96,700 sf at 655 Third Ave. The company will be relocating from 520 Madison Ave. in November.According to the Durst Organization, the company will make its North American headquarters in the space on the second through fifth floors. MIC also has the option of renaming the building–in which it will be the largest tenant. No lease value was released, but asking rents in the building range from $39 to $44 per sf.

“After looking at a number of locations throughout the greater New York metropolitan area, we concluded that keeping our headquarters in Manhattan made the most sense,” says Ichiro Ando, CFO of MIC in a prepared statement. “New York City remains the most vital and exciting business, financial and cultural center in the US and has taken on new energy and life after Sept. 11; we want to be a part of that.

“With our new location our employees can benefit from closer proximity to Grand Central Station and Penn Station and at the same time they will have the advantage of an efficient and contiguous floor plan that encourages internal communication,” Ando adds.