One Company Expands Footprint, Another Downsizes In Office Renewals At One Midtown Manhattan Tower
Two finance companies signed huge office renewals at 1301 Sixth Ave. in Manhattan, with one tenant expanding its footprint in the building and the other significantly downsizing.
Paramount Group secured lease renewals with two of its major tenants in the Midtown office tower. Credit Agricole will take up 167K SF in the building while healthcare and life sciences financier SVB Leerink will take up 112K SF, the real estate investment trust announced in a release this week.
“We remain focused on leasing the remaining availability at the building, aggregating approximately 269,500 SF of contiguous space on floors two through five,” Paramount Group Executive Vice President and Head of Real Estate Peter Brindley said in a release.
With the relocation in the building, Credit Agricole is scaling back its office space in the building by about half of what it signed for a decade ago. In 2011, the company renewed its lease in the space for 350K SF, the Observer reported at the time. Asking rent was in the $80 per SF range then.
Meanwhile, SVB Leerink is taking well over double the amount of space it leased when it signed its last deal in 2017, a 41K SF lease, The Real Deal reported at the time.
JLL’s Frank Doyle, David Kleiner, Clark Finney and Andrew Coe are the leasing agents for the building, per the building’s website. As of June, the building was nearly 72% leased.