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Deals & DealmakersRetail

ICSC leases full floor at MFAʼs flagship tower

Mitsui Fudosan America, the U.S. operations of Japan’s largest real estate company, announced that International Council of Shopping Centers (ICSC), has signed a full-floor lease for its global headquarters at 1251 Avenue of the Americas.

The pre-eminent association representing the retail sector will take the entire 45th floor, comprising 44,100 s/f.

It plans to move into MFA’s flagship tower by mid- to late- 2019 for a 16-year term.

“We are delighted to welcome this prestigious organization to 1251 Avenue of the Americas,” said Christopher N. Perez, senior vice president of MFA.

“Sixth Avenue is more vibrant today than any time in its history, and its location in the heart of Midtown provides ICSC with ideal access to its retail and real estate members.”

ICSC provides its 70,000-plus member network — spanning 100 countries — with resources, connections and industry insights, and helps to shape public policy.

It is the latest large corporate tenant to sign a full-floor lease at the building, which is also home to Mizuho Corporate Bank, McGuireWoods LLP, DLA Piper, Berenberg Capital Markets and McGraw Hill Financial, among other well-known names in the financial, legal and real estate industries.

“Midtown has been ICSC’s home for over 20 years, and we look forward to being able to stay in the neighborhood,” said Tom McGee, president and CEO of ICSC. “The building is conveniently located and will provide a dynamic environment for our members when they visit.”

“1251 Avenue of the America’s virtually column-free floorplates and superior infrastructure have been distinguishing features for tenants during the final stages of decision making,” added Perez.

MFA is seeking best-in-class tenants for Floors 35 through 38, which will be available in 2020, and is the first contiguous block offered in the building since 2010. The cumulative square footage is 173,000 s/f.

John Westerfield, chief executive officer of MFA, commented, “A redesign of the lobby and upgrade of the elevator system, as well as the addition of several new restaurants, are scheduled for 2019, and this substantial capital investment is further evidence of Mitsui Fudosan’s commitment to maintaining 1251 as one of the finest office buildings in New York City.

“Our recent success in leasing multiple full floors at 1251 further demonstrates the attractiveness of The Avenue of Americas to premier business organizations like ICSC. Sixth Avenue remains one of the great places to work in midtown Manhattan.”

JLL’s Chris Kraus and Daoud Awad represented ICSC in the lease. NKF’s David Falk, Peter Shimkin, Eric Cagner and Nick Berger represent MFA at 1251 Avenue of the Americas.

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