Reinsurance company Lockton Re has signed a 10-year, 19,326-square-foot office lease at 261 Fifth Ave. in Manhattan. The tenant will relocate its headquarters and will occupy the full 10th floor of the recently upgraded 450,000-square-foot office tower, owned by The Feil Organization. The landlord was represented in-house while JLL negotiated on behalf of the tenant.
The current ownership purchased the property in 2005 from L&L Holding Co., for $180 million, CommercialEdge data shows. The landlord invested $20 million into a renovating the building, that resulted in upgraded retail storefronts and entryway, improved lobbies, tenant facilities, elevators, as well as customizable pre-built office suites.
Recently, The Feil Organization inked two other leases at the property. Performance Realty signed a 2,600-square-foot agreement, while Catalyst Investment made a 4,705-square-foot commitment. The building’s roster also includes Northwest Co., Biologique Recherche, Blackbird Public Relations, Imperium Capital and BCP Home, CommercialEdge data shows.
Built in 1928, 261 Fifth Ave. rises 25 stories in NoMad and features 10 passenger elevators, along with 18,108 square feet of grade-level retail space. The building’s floor plates range between 11,698 and 19,389 square feet, CommercialEdge data shows.
The Feil Organization’s Head of Commercial Leasing Andrew Wiener, Directors of Commercial Leasing Tim Parlante and David Turino negotiated for the landlord, while JLL’s Executive Managing Director Don Preate worked on behalf of the tenant.
Other recent Manhattan leases
Just 2 miles away, The Bromley Cos. welcomed Microsoft at one of its redeveloped office properties in Union Square. The tech giant signed up for floors six through ten, or 150,000 square feet, at 122 Fifth Ave., an 11-story mixed-use tower. Recently, the landlord implemented a $170 million renovation plan at the property.
Additionally, two other notable leased closed last month at the Empire State Building. Skanska inked a full-floor expansion and Aprio signed a 14,945-square-foot relocation deal.