Minskoff’s 1166 Sixth inks 120K sf in leases

William Blair doubling space, Ryan Specialty Group moves in

New York /
Nov.November 15, 2021 02:00 PM

From left: Edward J. Minskoff, chief executive officer, Edward J. Minskoff Equities; John Ettelson, chief executive officer, William Blair; and Tim Turner, president, Ryan Specialty Group (Edward J. Minskoff Equities, William Blair, Ryan Specialty Group, 1166 Avenue of the Americas)

Edward J. Minskoff Equities is rolling in leases new and renewed at 1166 Sixth Avenue with two recent deals for 120,000 square feet.

Financial services company William Blair is taking more than 40,000 square feet on the 19th floor of the building, the Commercial Observer reports. The deal doubles the firm’s space in the building as it joins an extended lease on the 20th floor for the same amount of space, totaling more than 80,000 square feet.

The length and terms of the lease were not reported. Silvio Petriello and Ben Friedland were part of the CBRE team that represented William Blair in lease negotiations.

Elsewhere in the building, CO reports that international insurance firm Ryan Specialty Group is moving from 1345 Avenue of the Americas to the space directly underneath William Blair, the 40,000-square-foot 18th floor.

The length and terms of that lease were also not publicly revealed. Savills’ Gabe Marans and Robert Sevim were among those to represent Ryan Specialty Group in the deal.

For both leases, Minskoff was represented by a JLL team including Paul Glickman and Jonathan Fanuzzi, as well as Jeffrey Sussman internally.

The amount of square footage leased by the two companies roughly equals the amount of space taken by FTI Consulting last August in a deal marking one of the largest office leases of the Covid era in Midtown at the time. That lease was for 15 years and the asking rent was in the $80s per square foot.

Minskoff completed a $50 million renovation of the building in 2017. More recently, the developer landed $245 million in financing from Wells Fargo for portions of the building, which cover the newly-leased space. The deal included a $186 million refinanced mortgage, a $47.4 million building loan and $11.6 million project loan.

[CO] — Holden Walter-Warner





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