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Deals & Dealmakers

Rockefeller taps CBRE to lease Time Life Building

CBRE Group, Inc. announced that The Rockefeller Group has appointed the firm as the exclusive leasing agent for 1271 Avenue of the Americas.

The 48-story, 2.1-million-square-foot tower straddles 50th and 51st Streets opposite Radio City Music Hall, in the center of Midtown Manhattan.

Within the next four years, the building, which has an occupancy rate of more than 97 percent, is anticipated to have as much as 1.9 million square feet available for lease when Time Inc. leaves for Brookfield Place.

1271 Avenue of the Americas
1271 Avenue of the Americas

A CBRE team led by New York Tri-State Region Chief Executive Officer Mary Ann Tighe; Vice Chairman Howard Fiddle, and Executive Vice President John Maher, will market the available space in 1271 Avenue of the Americas to prospective tenants, in coordination with Edward J. Guiltinan, Senior Vice President of The Rockefeller Group, in Manhattan.

“We are delighted to be working with the Rockefeller Group to reintroduce this iconic property to the New York real estate scene,” said Tighe.

“For years, this magnificent mid-century modern masterpiece has been largely off the radar screen as there has never been any direct space available. Now, however, there is an unusual opportunity for mid-size and large companies to capture space in the center of Midtown, where headquarter-quality blocks are hard to come by. In fact, the market is quickly responding favorably and we already are seeing tremendous interest in 1271 Avenue of the Americas.”

The building is renowned for its architectural features and its prominent location. In 2012, it became one of the largest Class A office buildings in Manhattan to achieve LEED Silver certification for energy efficiency. The Rockefeller Group plans to undertake a capital improvement program to “further enhance the desirability of the building in concert with the leasing program. ˮ

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