British insurance firm Aon has sublet 112,000 square feet in Midtown from Cerberus Capital Management, Crain’s reported.
Aon will take the 14th, 21st, 22nd and 23rd floors of 299 Park Avenue, between East 48th and East 49th streets, at a rate of approximately $50 per square foot, Crain’s said. The space will serve as the firm’s temporary headquarters after Hurricane Sandy flooded the block where its 199 Water Street offices are located.
Several other firms impacted by the storm have recently taken similar steps to temporarily expand their Midtown space. Law firm Fried Frank, which normally operates out of 1 New York Plaza, took 30,000 square feet in the Seagram’s Building; law firm Fragomen signed a 62,000-square-foot sublease at 1301 Sixth Avenue, a space formerly occupied by the bankrupt law firm Dewey & LeBoeuf; and Stroock & Stroock & Lavan downsized to a 60,000-square-foot space at 601 Lexington Avenue. [Crain’s]—Hiten Samtani