Paramount Group, Inc., has awarded Newmark Grubb Knight Frank the exclusive leasing duties for 1301 Avenue of the Americas, a 1.75-million-square-foot, 45-story, Class A office tower that occupies the entire block between 52nd and 53rd streets.
Paramount’s selection of NGKF is significant because it is the first time the property owner has hired an outside firm to market this asset.
There is 340,586 s/f available, featuring a prime opportunity to secure a contiguous block of 180,689 square feet in the tower section of the property.
These 30,000 s/f floors have Central Park and Manhattan skyline views, and appeal to the more traditional law firm, private equity and hedge fund occupiers, according to the brokers.
NGKF executive managing director Andrew Sachs, executive managing director Timothy Gibson, and managing directors Bill Levitsky and Ben Shapiro, will head up 1301’s leasing efforts.
The assignment is the team’s first big win since joining NGKF in September from Cushman & Wakefield. In addition to the contigous block, the entire seventh floor comprising 63,211 s/f is available.
Tenant demand for large open floor plates is noteworthy on Avenue of the Americas, according to Sachs.
He said, “1301 Avenue of the Americas is a tremendous asset that offers tenants a variety of floor plate sizes and rental rates. Combined with its direct concourse connection to Rockefeller Center and seven subway lines, large window ribbons that maximize daylight, branding opportunities and a prestigious full block lobby entrance, the available space at 1301 Avenue of the Americas has seen terrific traction in the marketplace.”
The most recent addition to the tenant roster is Chadbourne & Parke, which leased 203,102 s/f. Other tenants of note include Barclays, Crédit Agricole, Commerzbank, and OakTree Capital Management.
Paramount Group received a BOMA Pinnacle Award (for buildings over one-million square feet) for 1301 Avenue of the Americas, which is also LEED certified and has an ENERGY STAR award.