Investment bank and financial services provider Solomon Partners will be expanding its U.S. headquarters through a new lease at 1251 Avenue of the Americas. Formerly known as the Exxon Building, the 2.4-million-square-foot Manhattan office tower now owned by Japanese real estate developer Mitsui Fudosan will be the new home of Solomon following the signing of a 15-year agreement. The company will occupy roughly 71,000 square feet on the entire 32nd floor and part of the 31st floor of the property.
Asking rent was $95 per square foot. A Newmark team consisting of Neil Goldmacher and Michael Horn led negotiations on behalf of the tenant, with David Falk and Peter Shimkin — also of Newmark — brokering the deal for Mitsui Fudosan.
Solomon is expected to move into its new premises after its current sublease at 1345 Avenue of the Americas expires in December 2024. The company currently occupies approximately 29,000 square feet of space in a property located just a few blocks north of its future space.
Following sustained growth — which saw Solomon Partners’ staff grow from 35 to 160 banking analysts and associates — the financial adviser opted for a new workspace that could accommodate its new needs.
“As we maintain our hybrid work environment, we want our employees to enjoy coming into the office to collaborate, network and learn,” said Solomon CEO, Marc Cooper. “We believe that having a great office space in one of the most desirable locations is a critical part of the employee experience.”
Mitsui Fudosan’s other tenants at 1251 Avenue of the Americas currently include German bank Berenberg Capital Markets; law firms Lowenstein Sandler and Akerman; and asset managers TWC Group and Waterfall.
Originally built in 1970, 1251 Avenue of the Americas stretches along Sixth Avenue from 49th to 50th streets. Its east and west concourses link the building to Times Square and Rockefeller Center, and the property also provides easy access to public transportation and a comprehensive suite of services and amenities.
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