Neuberger Berman will be relocating its global headquarters to the AXA Financial Center at 1290 Avenue of the Americas in New York City pursuant to a 20-year, 355,000-square-foot lease commencing in the fourth quarter of 2016.
With more than $247 billion in client assets, the leading employee-controlled investment fund manager has been at its current location at 605 Third Ave. since 1992. Its lease is set to expire in 2017, leading the tenant to explore other long-term options.
The building attracted the firm with extensive infrastructure investment recently completed by Vornado (NYSE: VNO
), its central midtown location, and the opportunity to build extensive Neuberger Berman branding with exterior building signage, a lobby visitor center, and a client conference center with a dedicated elevator and commanding views for the more than 1,600 company management meetings held yearly.
Originally built in 1963, the 43-story, 2.1 million-square-foot, 4-Star office tower sits on 2.1 acres in Manhattan's Plaza District submarket, between 51st and 52nd Streets on Sixth Ave., minutes from Broadway theaters and Fifth Avenue shopping. Vornado recently completed a total transformation of the building including a new lobby, building renovations, and infrastructure improvements including cooling tower, chiller, new restrooms, telecommunication spine, and a backup generator.
"Neuberger Berman has a great and long-standing history in New York City and we are excited about this next chapter," said George Walker, the firm’s chairman and chief executive officer. "In both location and capabilities, our offices in 16 countries reflect our commitment to our employees and our mission to serve clients."
Neil Goldmacher of Newmark Grubb Knight Frank represented the tenant. Mikael Nahmias, Josh Kuriloff, Franklin Speyer, and Bruce Mosler of Cushman & Wakefield represented the landlord, Vornado Realty Trust, along with in-house leasing representatives Glen Weiss, Edward Riguardi, and Josh Glick.
This is the largest office lease signed this year in the Plaza District, and the fourth largest signed year-to-date in the city, following Time Warner's 943,438-square-foot lease in Columbus Circle, Sony Corporation's 547,996-square-foot lease in Gramercy Park, and White & Case LLP's Times Square lease of 440,000 square feet.