A Canadian wealth management firm is making a move in Midtown, consolidating two acquisitions with a sizable lease at HJ Kalikow’s 101 Park Avenue.
CI US Holdings signed a lease for 50,000 square feet at the office tower, the New York Post reported. The duration of the lease is unclear, but the asking rent on the space was $105 per square foot.
CI US Holdings started hunting for a Midtown office space after acquiring two firms based in the area.
Cushman & Wakefield’s John Cefaly and Nicholas Dysenchuk represented Kalikow in the lease. A Savills team including Mitti Liebersohn and Mark Robbins represented the tenant.
Last year, indoor golf experience company Five Iron Golf signed a 30,000-square-foot lease for the third floor of the office property, serviced by a dedicated entrance with a private elevator. The space is expected to open in the fall.
In 2018, Bank of America provided a $365 million mortgage to Kalikow at 101 Park, replacing a $300 million loan the bank held dating back to 2012 at the 46-story office tower.
Kalikow completed the 1.1 million-square-foot building in 1982 for roughly $160 million. The property, which is between East 40th and East 41st streets, has dining space Club 101, meeting center Convene and the American Kennel Club Museum among its tenants.
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In the last quarter, the building has seen more than 110,000 square feet of leases, principal Kathryn Kalikow told the Post.
The fourth quarter was a challenging one for Manhattan’s office landlords as leasing in the borough plummeted 43 percent year-over-year. Tenants took only 4.9 million square feet during the last three months of the year, the lowest quarterly total in more than a year, according to Colliers.
The decline in leasing from the previous quarter was the sharpest drop since the onset of the pandemic.
— Holden Walter-Warner