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.
Minskoff refinanced the property last year with a $245 million loan from Wells Fargo.
Contact Rich Bockmann at [email protected] or 908-415-5229.