Management consulting firm inks big lease at Minskoff’s 1166 Sixth

FTI Consulting’s 120K sf is among largest Midtown leases in Covid era

New York /
Aug.August 26, 2020 09:57 AM
Edward Minskoff and 1166 Sixth Avenue (Getty, Google Maps)

Edward Minskoff and 1166 Sixth Avenue (Getty, Google Maps)

A consulting firm just signed one of the largest office leases of the Covid era in Midtown.

FTI Consulting inked a deal for more than 120,000 square feet at Edward Minskoff’s 1166 Sixth Avenue tower, where it will relocate and consolidate several Manhattan offices, the landlord told The Real Deal.

“We have recently completed a comprehensive renovation of the property, and we continue to expand services and amenities for our tenants,” Minskoff said in a statement.

FTI Consulting — a global management advisory firm with a market cap of $4.3 billion — will occupy the 14th through 16th floors in the building between West 45th and 46th streets. The deal carries a term of 15 years and the space had an asking rent in the $80s per square foot, according to a source familiar with the transaction.

A representative from FTI Consulting was not immediately available for comment.

A JLL team of Paul Glickman, Jonathan Fanuzzi, Cynthia Wasserberger, and Diana Biasotti negotiated the deal on behalf of Minskoff alongside the landlord’s in-house representative, Jeffrey Sussman.

Colliers International’s Connor Faught, Brian Given,Sheena Gohil, Robert Gallucci and Jim Southard represented FTI Consulting.

The deal is one of the largest to close since the global pandemic hit Manhattan, which saw leasing activity grind to a near halt. Leasing during the second quarter totaled just 3.18 million square feet, the lowest figure since 2009.

Some large deals have closed though, including Facebook’s 730,000-square-foot lease at the Farley Building and TikTok’s 230,000-square-foot deal in Times Square at the Durst Organization’s One Five One.

Minskoff, meanwhile, completed a $50 million renovation in 2017 of his Sixth Avenue building, where he owns an office condominium along with RXR Realty. The avid art collector has adorned the property with works by Roy Lichtenstein and New York City-based street artist KAWS.

Tenants that have signed leases in recent years include the financial services firm Janney Montgomery Scott and Wiliam Blair & Company.

Minskoff refinanced the property last year with a $245 million loan from Wells Fargo.

Contact Rich Bockmann at [email protected] or 908-415-5229.


Related Articles

arrow_forward_ios
SL Green chairman Marc Holliday and One Madison Avenue (Getty Images, SL Green Realty Corp)
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
Hedge fund finds 283K sf at Two Manhattan West
Hedge fund finds 283K sf at Two Manhattan West
Savills' Nick Farmakis with 655 and 767 Third Avenue (Loopnet, Getty, Savills)
Third Avenue: The land of “leave-behind”
Third Avenue: The land of “leave-behind”
One Soho Square with Stellar Management’s Larry Gluck and Yotpo CEO Tomer Tagrin (LoopNet, Twitter, Gluck Family Foundation)
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Paramount Group's Albert Behler and 1301 Sixth Avenue (Getty, Paramount Group, Americasroof at English Wikipedia/CC BY-SA 3.0/via Wikimedia Commons)
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
Related Companies' Stephen Ross and 50 Hudson Yards (Related Companies, 50 Hudson Yards)
Bank takes 100K sf at Related’s 50 Hudson Yards
Bank takes 100K sf at Related’s 50 Hudson Yards
Marsh McLennan CEO Dan Glaser and 1166 Sixth Avenue (Marsh McLennan, Google Maps)
Real estate asset manager doubling space in move to 1166 Sixth Avenue
Real estate asset manager doubling space in move to 1166 Sixth Avenue
Dotdash Merediths Neil Vogel and 225 Liberty Street (IAC, Brookfield, Getty)
Publisher puts 331K sf up for sublease at Brookfield Place
Publisher puts 331K sf up for sublease at Brookfield Place
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...