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NEW YORK CITY-Continuing the trend of large lease renewals in Midtown, Rothschild North America, a global independent financial advisory group, has re-upped its lease at 1251 Avenue of the Americas, landlord Mitsui Fudosan America Inc. confirms to GlobeSt.com. The financial services firm – a tenant at the trophy Rockefeller Center office tower since 1993 – renewed its 70,000-square-foot space for a 15-year term north of $90 a square foot.

In an e-mail interview with GlobeSt.com, Christopher Perez, MFA’s senior vice president, says with the renewal, Rothschild will relocate from its digs on the 44^th and 51^st floor to the 33^rd and 34^th floors as means to bring the firm closer together. “Upgrading is part of their strategy,” Perez says, noting that the tenant considered other locations such as 1221 and 1345 Avenue of the Americas, but decided to maintain a presence in its longtime home. “They like the building and the location,” he says. “We have met all their needs for 19 years including expansion space.” 

The deal is the latest in a series of several renewals within the skyscraper. In 2010, new leases were signed with Natixis for 180,000 square feet and Sandler O’Neill & Partners for 75,000 square feet. Others include Bank of Tokyo-Mitsubishi UFJ in 2008, Merrill Lynch in 2007, Mizuho Corporate Bank in 2006 and DLA Piper in 2005.

Michael Goldman of Studley represented the tenant, Rothschild North America Inc. David Falk, Peter Shimkin and Nick Berger of Newmark Grubb Knight Frank represented MFA. MFA’s Perez also worked on the deal.

MFA purchased 1251 Avenue of the Americas – also known as the “Exxon Building” – in 1986. After acquiring the asset, MFA renovated the lobby, building systems and outdoor plaza, and has achieved 100% occupancy and lease rates breaking the $100 per square foot mark.