Silverstein Signs 2 New Office Leases in Midtown Manhattan's Office Tower

Silverstein Properties has announced two significant leasing agreements at 1177 Avenue of the Americas, a prominent 47-story tower in Midtown Manhattan’s Plaza District. This building, known for its prime location and prestigious status, continues to attract high-profile tenants.

Faegre Drinker Biddle & Reath LLP Expands Lease

The law firm Faegre Drinker Biddle & Reath LLP is relocating and expanding its New York City office within the tower. Moving from the 37th and 38th floors, the firm will now occupy 43,000 square feet across the 41st to 43rd floors. The firm has been a tenant in the building since 2011 and is increasing its space from 37,050 square feet to accommodate its growing operations. A JLL team, including Vice Chairmen Greg McCavera and Michael Berg, along with Vice President Sofia Bruno, represented Faegre Drinker in this transaction.

Columbia University Trustees Secure New Office Space

The Trustees of Columbia University have signed a lease for 15,500 square feet on the 34th floor of the tower. Previously, their offices were located in The Chrysler Building. The team from Cushman & Wakefield, led by Executive Vice Chairman Mark Weiss and Senior Brokerage Specialist Keaton McCann, negotiated on behalf of the university.

Silverstein’s Brokerage Team and Building History

Silverstein Properties’ in-house brokerage team, comprising Senior Vice President Joseph Artusa and Vice Presidents Keith Cody, Harlan Strader, and Gordon Hough, played a key role in these transactions. They collaborated with Cushman & Wakefield's team, led by Chairman Bruce Mosler and Vice Chair Lou D’Avanzo, among others. The building, originally known as Americas Tower, was constructed in 1992 and renovated in 2013. Silverstein, in partnership with the California State Teachers Retirement System, acquired the building for $1 billion in 2007. A minority stake was sold to UBS Realty Investors in 2014, but Silverstein and its partners regained full ownership in 2021 after buying out UBS's share for $860 million.

Building Features and Tenant Roster

The tower offers diverse floorplates ranging from 9,900 to 33,900 square feet with a slab height of 12 feet 9 inches. Tenants enjoy amenities such as an on-site café, lounge, and fitness and wellness rooms. The building is LEED Gold-certified and houses tenants like Kramer Levin, Practising Law Institute, Mill Point Capital Partners, and the YMCA Retirement Fund, which recently expanded and extended their leases. Previously, Signature Bank occupied 62,000 square feet before closing last year.

Prime Midtown Location

Situated near key landmarks such as Rockefeller Center and Bryant Park, the tower is within walking distance of major transportation hubs, including the Port Authority Bus Terminal, Grand Central Station, and Penn Station. It is adjacent to Times Square and a short distance from Central Park.

Midtown Manhattan Leasing Trends

Midtown Manhattan continues to demonstrate strong leasing activity despite a 16.6% vacancy rate, which is below the national average. The area commands high asking rents, averaging $71.34 per square foot, significantly above the national average of $31.67. Manhattan also leads the nation in asset sales, with $1.4 billion in trades recorded in the first half of the year. Recent notable transactions include Charles Schwab & Co.’s lease renewal at 1133 Avenue of the Americas and CBRE’s lease extension at The MetLife Building, where they have also been appointed as the exclusive leasing agent, property, and asset manager.