The Real Deal New York

Chubb Corporation expands by 46K sf at Durst’s 1133 Sixth Avenue

Mega property insurer now occupies 184K sf in the Midtown building

April 14, 2016 05:40PM
By Rich Bockmann

Douglas Durst (credit: Billy Farrell Agency) and 1133 Sixth Avenue in Midtown

Douglas Durst (credit: Billy Farrell Agency) and 1133 Sixth Avenue in Midtown

The Chubb Corporation, the world’s largest publicly traded property and casualty insurer, took two additional floors at its longtime headquarters on Sixth Avenue to expand by more than 45,000 square feet.

The company signed an eight-year lease for 45,910 square feet at the Durst Organization’s 1133 Sixth Avenue, bringing Chubb’s total footprint in the building to 184,000 square feet. About 80,000 square feet of available space remains in the building.

The asking rents for the 11th and 35th floors are $77 and $93 per square foot, respectively.

Martin Horner and Pam Klyn of JLL represented Chubb, while the in-house team of Tom Bow and Rocco Romeo negotiated on behalf of the landlord.

Swiss insurer Ace Limited acquired Chubb in January for $29.5 billion — the latest in a string of mergers and acquisitions fueled by low interest rates and modest claims from hurricane damage in recent years.

Ace then adopted the Chubb name and engaged in a rebranding. The company has a market capitalization of $55.8 billion.

Chubb has been a tenant since 1998 at Durst’s 1.1 million-square-foot building, which has seen a frenzy of deal activity lately.

ING North America Insurance, and Booz Allen Hamilton recently signed leases in the building, located between 43rd and 44th streets. Also, last year, the National Basketball Players Association inked a 20-year deal for 48,000 square feet there. The transaction put brokers Arthur Mirante and Martin Cottingham of Avison Young in the running for a Real Estate Board of New York “Most Ingenious Deal of the Year Award.

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