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Deals & Dealmakers

Hedge fund renews 195,375 s/f at Minskoff’s 1166 Avenue of the Americas

JLL, in conjunction with Edward J. Minskoff Equities Inc., has completed a 195,375-square-foot lease renewal for D. E. Shaw & Co., L.P. at 1166 Avenue of the Americas, a Class A, 1.6 million-square-foot office building between West 45th Street and West 46th Street in Manhattan. A privately owned hedge fund sponsor, D. E. Shaw & Co., L.P. renewed its lease for the entire fifth floor through the ninth floor in the building.

Minskoff was represented by the JLL team of Paul N. Glickman, vice chairman; Cynthia Wasserberger, managing director; Jonathan Fanuzzi, executive vice president; and Diana Biasotti, senior vice president. The group worked closely with Jeffrey Sussman, executive vice president, at Minskoff. D. E. Shaw & Co., L.P. was represented by Timothy Dempsey, vice chairman, Roger P. Griswold, Jr., senior vice president, and Munish Viralam, first vice

“1166 Avenue of the Americas is a premiere asset in an ideal location,” said Glickman. “Ownership’s repositioning effort establishes the property among the top offerings on the Sixth Avenue corridor with convenient proximity to Bryant Park, Rockefeller Center and to all three major commuting hubs — Grand Central Terminal, Times Square /Port Authority and Penn Station.”

Minskoff engaged JLL as exclusive leasing agent to lead a repositioning and leasing effort for the property, and recently launched a multimillion-dollar capital improvement program at the office tower, retaining Gensler to re-design the lobby, lighting, outdoor canopies and security features. The lobby is expected to be completed in the fourth quarter of 2016, and will showcase signature pieces of art, including Roy Lichtenstein’s Modern and Amerind tapestries. These new features are slated for completion in mid-2016. Minskoff also has enhanced the office property’s telecommunications infrastructure to be listed as Wired Certified Gold with WiredScore.

1166 Avenue of the Americas, a 44-story, center-core building with remarkable light and views, offers floor plates of 40,000 square feet in a neighborhood that appeals to companies from a host of sectors, including TAMI, financial services, technology, social media, fashion/apparel and entertainment. The building was designed by Skidmore, Owings & Merrill and constructed in 1974.

 

JLL is leasing and marketing approximately 160,000 square feet of space at the building, including the entire 3rd and 4th floors (comprised of 39,075 square feet each) and the entire 20th floor and 21st floor (comprised of 40,240 square feet each). Two of the floors have been gutted and a marketing center is near completion on the 20th floor.

An additional large block of space, 241,000 square feet, will become available at 1166 Avenue of the Americas in 2021. JLL and Minskoff have collaborated on two other high-profile New York office buildings — 51 Astor Place and 101 Avenue of the Americas — both of which are now 100 percent leased.

Sprint Communications recently signed a 10-year lease renewal for 39,075 square feet and will continue to occupy the entire second floor at the property. The telecommunications company’s space at the office tower includes a Sprint Executive Briefing Center, one of four centers that Sprint operates throughout the United States. The EBC allows Sprint to offer tailored briefings and interactive discussions to prospective customers to demonstrate how the telecommunications company can meet their business objectives.

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