The Real Deal New York

Berenberg Capital leases nearly 32K sf at Mitsui’s 1251 Sixth

Subsidiary of German bank will relocate from Fifth Ave
March 21, 2017 10:30AM

John Westerfield and 1251 Sixth Avenue

Berenberg Capital Markets ditched its plan to move up Fifth Avenue to the General Motors Building and is instead relocating to Sixth Avenue.

The subsidiary of Germany’s Bank Berenberg, the world’s oldest merchant bank, signed a lease for 31,700 square feet on the entire 53rd floor of Mitsui Fudosan’s 1251 Sixth Avenue, the New York Post reported.

The asking rent was more than $100 per square foot. The bank, currently headquartered at Paramount Group’s 712 Fifth Avenue, had a lease out last year for 40,000 square feet at the GM Building, but the deal fell apart.

The bank is planning a big expansion in the United States and was looking for some more elbow room, said JLL’s Alexander Chudnoff, who represented the tenant along with colleague Mitchell Konsker.

Berenberg finally landed on 1251 Sixth partly because of its “prestigious location as well as the uniqueness of the space,” Chudnoff said.

David Falk and Peter Shimkin of Newmark Grubb Knight Frank represented the Mitsui. Early last year the law firm DLA Piper renewed its 200,000 square feet at the building. [NYP]Rich Bockmann