Kansas City, Mo.-based reinsurance company Lockton Re has signed a contract for its new headquarters at 261 Fifth Ave. The 10-year contract will secure 19,326 square feet of office space in Midtown Manhattan to occupy the entire 10th floor of The Feil Organization-owned tower. According to the landlord, the asking price was $65 per square foot. Lockton will be moving its operations from its previous location at 48 W. 25th St.
Andrew Wiener, Tim Parlante and David Turino represented the landlord in-house, while JLL’s Don Preate negotiated on behalf of the tenant.
“As our global business continues to grow, it’s critical for us to be in a space that supports our culture and expansion,” said Tim Gardner, CEO of Lockton Re. “This is a great location for our colleagues, clients and partners with attentive management to accommodate us.”
Located between 28th and 29th streets, 261 Fifth Ave. is just three blocks north of Madison Square Park. Originally built in 1928 by Buchman & Kahn, the 450,000-square-foot building was recently subject to a $20 million renovation. Improvements included a revamp of the ground-floor retail space; the creation of pre-built office spaces for future tenants; as well as upgrades to the property’s entryway, lobby, common facilities and elevators.
“While flight to quality has dominated headlines, another trend has been quietly playing out in parallel — one that we know very well,” said Brian Feil, principal at The Feil Organization. “Tenants are prioritizing what matters most — high-quality space, attentive ownership and premier locations that don’t break the bank.”
Other tenants in the building include Performance Trust Capital Partners — which recently signed an agreement for 2,600 square feet of space — and Catalyst Investors, which signed on for 4,705 square feet.
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