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