The Real Deal New York

Itochu takes full floor at Mitsui Fudosan’s 1251 Sixth

Japanese holding company moving from Milstein's 335 Madison

July 15, 2015 03:15PM

Masahiro Okafuji and 1251 Sixth Avenue in Midtown (credit: gbNYC)

Masahiro Okafuji and 1251 Sixth Avenue in Midtown (credit: gbNYC)

One of Japan’s largest corporations is moving its New York office to 1251 Sixth Avenue in Midtown.

Itochu – Japan’s second-largest sogo shosha, or general trading company – signed a 20-year lease for around 46,000 square feet at the former Rockefeller Center office tower, located between West 49th and West 50th streets. The company will occupy 53-story, 2.4 million-square-foot building’s entire 51st floor, with asking rent at $105 per square foot.

Mark Weiss and Brian Waterman of Newmark Grubb Knight Frank represented Itochu, which will move its offices from Howard Milstein’s 335 Madison Avenue, according to Crain’s. Newmark’s David Falk and Peter Shimkin handle transactions at 1251 Sixth Avenue for landlord Mitsui Fudosan.

Falk said Newmark leased around 250,000 square feet at the property last year, as well as another 100,000 square feet so far this year. Tenants who signed on at the building last year included Japanese financial firm Sumitomo Mitsui Trust Group and law firm Davis Wright Tremaine. [Crain’s]Rey Mashayekhi