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The Rockefeller Group Names Cushman & Wakefield Agent for 1221 Avenue of the Americas

06/07/2013

Team led by veteran brokerage professional John Cefaly to market the largest contiguous block of available office space in Midtown

NEW YORK – June 7, 2013 – The Rockefeller Group today announced the appointment of Cushman & Wakefield as the exclusive leasing agent for 1221 Avenue of the Americas, the 2.5-million-square-foot Class A office tower anchoring the western border of Rockefeller Center between 48th and 49th Streets.

The building, one of the five largest Class A office buildings in Manhattan – and the second largest to achieve LEED® certification – has a contiguous block of approximately 537,000 square feet, which will become available in the fourth quarter of 2013.  It represents the largest contiguous block of available office space in midtown.

A Cushman & Wakefield team led by Executive Vice Chairman John Cefaly will market the available space to prospective tenants, in coordination with Edward J. Guiltinan, Vice President and Director of Leasing for The Rockefeller Group in New York City.

“The slowdown in leasing activity from the financial services sector over the past 18 months has created some once-in-a-lifetime opportunities for professional services firms, media, technology and apparel companies to consider space in a spectacular building like 1221 Avenue of the Americas,” said Mr. Cefaly.  “With its exceptional location, the property offers the highest quality construction and management, great amenities and large, efficient floor plates.  We’re very pleased to be working with The Rockefeller Group to bring an availability of this kind to the market for the first time in many years and expect it to meet strong demand.”

Over the past 24 months, approximately 500,000 square feet of new leases and renewals have been completed at 1221 Avenue of the Americas, with tenants in the media and legal sectors.  Through 2012, according to Cushman & Wakefield research, Manhattan office leasing demand was led by companies in the information and media industries, followed closely by financial services and law firms.

“John Cefaly and his team at Cushman & Wakefield bring outstanding capabilities to the leasing of 1221, and we are delighted to be working with them,” said Mr. Guiltinan.  “We are encouraged by the strong level of interest and leasing activity 1221 is experiencing, and we anticipate that the addition of Cushman & Wakefield will accelerate the successful leasing of the office space soon to be available in the building.”  

Completed in 1972 as the headquarters for McGraw-Hill, the building was designed as one of four buildings that constituted the modern expansion of Rockefeller Center on the west side of Sixth Avenue.  Together the buildings were envisioned by the architects Harrison, Abromovitz & Harris to provide expansive outdoor spaces through the use of large setbacks from Sixth Avenue, as well as privately owned parks behind each building – the precursors to the new mid-block avenue established in 2012 by the New York City Department of Transportation that runs between Sixth and Seventh Avenue in the 40s and 50s.  In addition, the buildings are all interconnected through a concourse level, which provides direct access to the subway system and the shops at Rockefeller Center.

Rising 50 stories and extending more than half way to Seventh Avenue, 1221 Avenue of the Americas is visually distinguished from its neighbors by an open air concourse level plaza, bordered by two raised tree beds with public seating. 

Tenants in the building include prominent media, law and financial services firms.  On-site amenities include access to the B, D, F and M subway lines, as well as the popular steak and seafood restaurants Del Frisco’s and Oceana, 48 Lounge, Chipotle, and Café Metro.  New York Sports Club occupies lower-level space, and a 345-seat auditorium managed by McGraw-Hill offers tenants convenient access to a professional conference facility.

Centrally located in Midtown, 1221 Avenue of the Americas is within walking distance of Grand Central Station, Penn Station, the Port Authority Bus Terminal and more than a dozen subway lines.  The area’s amenities, within a five-block radius, include 10 parks, 10 museums, 65 hotels, 115 theaters and more than 400 restaurants and 2,000 retail stores.

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About The Rockefeller Group

The Rockefeller Group is a leading global real estate owner, developer and investment manager.  For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan.  Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property.  Today, the company owns and manages a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate investment management firm Europa Capital.  

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

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06/07/2013 - 10:45

Source

The Rockefeller Group

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