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SL Green Signs New FIRE Tenancy to Portfolio

New Leases Inked for Tower 46 and 461 Fifth Ave
February 22, 2018
Through a combination of big-block and small-scale leases, SL Green has closed on nearly 75,000 square feet in new financial services, insurance and real estate (FIRE) industry tenants at its 461 Fifth Ave. (left) and Tower 46 properties.

Four financial-services firms signed for a combined 58,897 square feet at 461 Fifth Ave. in New York City. The 200,835-square-foot, 4-Star office tower is situated at the corner of 40th Street in the Grand Central submarket.

Everest Reinsurance committed to 33,696 square feet in a deal that involved the renewal of its 22,464-square-foot space on the fourth and fifth floors while expanding by 11,232 square feet encompassing the entirety of the seventh floor. Eric Deutsch of CBRE represented Everest.

Investment bankers Foros Advisors has extended its lease for 14,268 square feet on the 17th and 18th floors there.

Carval Investors will operate from the entire 25th floor under a new lease for 6,882 square feet. The Cushman & Wakefield team of Adam Ardise and Bryan Boisi represented Carval.

Cyprium Investment Partners has renewed its lease for 4,051 square feet on the 26th floor. CBRE’s Keith Caggiano and Roshan Shah represented Cyprium in lease negotiations.

About 82,811 square feet in the 28-story tower remains available for lease, listed with CBRE and SL Green.

Ben Friedland, Silvio Petriello, Jason Pollen, Sam Seiler and Zak Snider with CBRE represented the landlord along with SL Green's in-house team of Jeremy Bier and Larry Swiger in the recent transactions.

SL Green is putting the property, which was built in 1988, through a significant capital improvement program, says Steven Durels, executive vice president at SL Green. Planned upgrades will include a new lobby, entrance, plaza, elevator cabs and bathrooms.

About a half-mile northwest at Tower 46, the 34-story office building situated at 55 W. 46th Street, another financial firm has signed a long-term lease. Ascot Underwriting has agreed to occupy 14,807 square feet on part of the 26th floor for 10 years.

Durels says Tower 46 is one of the few new construction towers available in midtown. Built in 2013, the 5-Star office condominium totals 347,000 square feet. Nixon Peabody LLP, Comcast and Fir Tree Partners are among the building’s tenants. About 151,392 square feet is available for lease there.

CBRE’s Michael Rizzo and Zachary Price acted on behalf of Ascot Underwriting in lease negotiations, while a CBRE team of James Ackerson, Cara Chayet, Christie Harle, Sam Seiler and Peter Turchin represented SL Green.

Diana Bell, New York City Market Reporter  CoStar Group   
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