Mizuho Americas, the U.S. arm of one of Japan’s investment banking giants, inked a deal for an additional 270,000 square feet at the former Time-Life Building.
The deal adds to Mizuho’s existing lease of 141,000 square feet at the Rockefeller Group’s 1271 Sixth Avenue, for a total of 411,000 square feet, the New York Post reported.
Terms of the deal were not disclosed, but the asking rent for floors previously leased by the bank were in the low-$80s per square foot.
Japan’s Mizuho Financial Group, with $1.8 trillion in assets, was looking to consolidate its space from 320 Park Avenue and other locations in Midtown.
The bank was represented by Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein of Savills Studley. Rockefeller was represented by CBRE’s Mary Ann Tighe, Howard Fiddle and John Maher, along with an in-house team led by Ed Guiltinan.
Other tenants in the building include the New York Times, which signed a short-term sublease with Time, Inc., for around 160,000 square feet. Major League Baseball is taking 325,000 square feet at the building, but as The Real Deal reported, the league recently scaled back plans to occupy 400,000 square feet. [NYP] — E.B. Solomont