NYC Sixth appeal
Bessemer Trust is moving to 1271
THE
big lease that Rockefeller Group signed on Monday with Bessemer Trust at 1271 Sixth Ave. demonstrates once again the powerful momentum on “Avenue of the Americas” in Midtown.
As we first reported on nypost.com, the wealthmanagement giant — which oversees $140 billion for more than 2,500 families, foundations and endowments — took 239,000 square feet on the former Time+Life Building’s seven highest floors. Asking rents were north of $100 a square foot, sources said.
The move is bullish news for Bessemer Trust, which will leave behind less than 200,000 square feet in its current digs at 630 Fifth Ave. “This move reinforces our long-standing dedication to the New York City area,” said Bessemer CEO Marc Stern.
And it’s good news for 1271 Sixth, which is already more than 70 percent committed since its entire 1.9 million square feet went on the market when the magazine publisher moved out two years ago. “Bessmer Trust’s distinguished history and reputation made them one of the most sought-after tenants in Manhattan,” noted Rock Group CEO Daniel Moore.
But more than anything, it further confirms a new golden age on Sixth Avenue, where sidewalks teem with unprecedented energy and retail vacancies are few. Rockefeller Group’s $600 million redesign of the 1959vintage 1271 Sixth, which includes a whole new curtain wall, epitomizes major landlord investment in skyscrapers up and down the corridor.
Cushman & Wakefield recently reported that Sixth Avenue leasing in 2017 beat out any other major Manhattan avenue or crossstreet — with 3.27 million square feet leased, compared with 2.31 million in 2016.
The latest to join the party prior to Bessemer Trust was Industrial and Commercial Bank of China, which took nearly 100,000 square feet at SL Green’s 1185 Sixth in early September.
Sixth Avenue’s towers are mostly all Class-A — which is why the spread between average overall asking rents and class-A asking rents was negligible ($85.36 per square foot versus $86.68), according to Cushman’s data.
Other tenants at 1271 Sixth include law firms Blank Rome and Latham & Watkins, Major League Baseball and Mizuho Americas.
Cushman & Wakefield’s super-broker John Cefaly and a Cushman financial consulting team led by Pey- ton Horn repped Bessemer Trust. Rock Group was repped by Ed Guiltinan inhouse and a CBRE team including Mary Ann Tighe, Howard Fiddle and John Maher.