1271 Avenue of the Americas
NEW YORK CITY—Bessemer Trust has signed a long-term, 239,000 square-foot lease taking the top seven floors at the Rockefeller Group skyscraper at 1271 Avenue of the Americas. The private, independent trust manages more than $140 billion for more than 2,500 families, foundations and endowments. Terms of the lease were not disclosed but sources with knowledge of the deal tell GlobeSt.com that the asking rent was north of $100 per square foot.
Bessemer Trust, which was founded in 1907, will relocate from 630 Fifth Ave. in 2021. Tishman Speyer in a joint venture with Lester Crown owns the Fifth Avenue building, according to Real Capital Analytics.
This latest deal with the wealth management firm brings the 48-story office tower to 70% occupied. It was Rockefeller Group's fifth major lease signing within the last 24 months. Other major tenants include Blank Rome, Latham & Watkins, Major League Baseball and Mizuho Americas.
“Bessemer Trust's distinguished history and reputation made them one of the most sought-after tenants in Manhattan,” says Rockefeller Group president and CEO Daniel Moore.
“Since our founding more than 111 years ago, we have been committed to delivering an exceptional experience for our clients and employees,” says Marc Stern, Bessemer Trust's CEO. “This move delivers on that commitment and reinforces our long-standing dedication to the New York City area.”
Bessemer Trust was represented by a Cushman & Wakefield leasing team led by John Cefaly and financial consulting team led by Peyton Horn. An in-house Rockefeller Group leasing team led by Ed Guiltinan and a CBRE team including Mary Ann Tighe, Howard Fiddle, John Maher, Dave Caperna, Evan Haskell and Sarah Pontius represented the building ownership.
The $600 million renovations at 1271 Avenue of the Americas are anticipated to be completed by the end of next year. The project includes a new glass curtain wall of more than 450,000 square-feet of glass, restoration of the landmarked lobby, and new elevators, entrances, plazas and building systems.
Constructed in 1959, 1271 Avenue of the Americas was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. It was developed in partnership by Rockefeller Group and Time Inc., the tower's original anchor tenant. It was built by George A. Fuller Company, which constructed many prominent New York buildings including the UN headquarters, the Seagram Building and Lever House.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
