Commercial leasing brokerage Colliers International is relocating the company’s New York headquarters from 380 Madison Avenue to 666 Fifth Avenue.
The Seattle-based firm will take about half of the 41-story, 1.5 million-square-foot building’s fourth floor, a spread of 57,000 square feet. The 10-year lease, done for rents in the $60s per square foot, is expected to be signed and finished by the end of the week.
Colliers must relocate from the firm’s current location at 380 Madison because of the expiration of its lease. The building’s landlord, a group that includes Deutsche Bank Asset and Wealth Management, is gut renovating the property in a modernization effort, so the brokerage had no option for extending.
The 666 Fifth lease marks the third for real estate investment trust Vornado Realty Trust and co-landlord Kushner Properties. Vornado is also the landlord of 1290 Sixth Avenue and 330 Madison Avenue, the latter of which became the New York headquarters for leasing company Jones Lang LaSalle in 2010, when the company relocated to the property. [Crain's] — Julie Strickland