Wealth Management Firm Signs for 50 KSF in Manhattan – Commercial Property Executive

NortheastBrokerageNew YorkNewsOffice

101 Park Avenue
Canadian wealth management firm CI US Holdings has signed a long-term, 50,000-square-foot lease at HJ Kalikow & Co.’s 101 Park Ave. office tower in Midtown Manhattan. Avison Young and Savills brokered the lease agreement for the 29th and 30th floors at the property on behalf of the tenant, while Cushman & Wakefield represented the landlord.
The office building, which also comprises 30,000 square feet of retail space, offers a variety of amenities for tenants, such as a corporate event space and Club 101, a dining club, business, and entertainment venue. Additionally, the office tower includes a bank, a full-service news stand, a grand five-story lobby entrance, a backup generator, 24 elevators for passengers, as well as a loading dock with four bays along with a parking garage.
The Class A property, built in 1982 and totaling 1.3 million square feet, has been owned by HJ Kalikow since its completion and it also serves as the company’s headquarters. The tower is located at the intersection of 40th Street and Park Avenue, which is close to the Grand Central Terminal. The area offers plenty of options for dining, entertainment and shopping.
Cushman & Wakefield Executive Vice Chair John Cefaly and Managing Director Nicholas Dysenchuk represented HJ Kalikow in the transaction. Avison Young Principal Mark Robbins and Director Evan A., together with Mitti Liebersohn of Savills Chairman Mitti Liebersohn, negotiated the deal on behalf of CI US Holdings.
Several other deals took place recently at the property, such as Convene expanding to 25,200 square feet and Wendel North America inking an 8,402-square-foot lease on the 46th floor of the building. Incline Equity Partners also signed a 18,000-square-foot lease on the 46th floor earlier this month. Furthermore, Five Iron Golf signed for 30,000 square feet on the third floor of the property.
Cushman & Wakefield reported that, in 2022, new leasing in Midtown Manhattan reached 16.5 million square feet, an increase of 36.5 percent from the previous year. Although activity was lower than the record average clocking in at 21.3 million square feet between 2017 and 2019, activity last year was consistent with the long-term historical average.
READ ALSO: The Sun Belt’s Surging Office Market
According to the same research conducted by Cushman & Wakefield, the Grand Central submarket recorded the highest level of new Midtown leasing activity in 2022, at 2.8 million square feet, driven by consistent activity in buildings such as 101 Park Avenue.
Other tenants at the location include Morgan Lewis, Sandow Media, Gamma Real Estate, Federal Home Loan Bank of New York and Morgan Stanley, CommercialEdge shows. According to the same source, the LEED Gold certified high-rise houses a 17,000 square foot, two-story museum.

© 2023 Commercial Property Executive. All Rights Reserved.
You must be to post a comment.


Join The Discussion

Compare listings