Financial Firm Signs 70K SF Lease in Midtown Manhattan

Financial advisory firm Solomon Partners agreed to lease 70,000 square feet at Mitsui Fudosan America’s 1251 Sixth Avenue, Bloomberg reported. The firm formerly known as PJ Solomon will occupy the 31st and 32nd floors of the tower, leasing the space for 15 years.

Solomon is moving over from 1345 Sixth Avenue down the block. There, the firm was subleasing 42,000 square feet from AllianceBernstein Holding LP. That building, formerly known as the Burlington House, is owned by Fisher Brothers and recently underwent a $120 million capital improvement project.

The asking rent for Solomon’s lease at the former Exxon Building was $95 per square foot, according to the Commercial Observer. Newmark’s Neil Goldmacher and Michael Horn represented the tenant, while the brokerage’s David Falk and Peter Shimkin represented the landlord.

In a statement, Solomon chief executive officer Marc Cooper noted the importance of the space for employees “to collaborate, network and learn” while maintaining a hybrid environment. The company employs 160 bankers, more than quadrupling its headcount from 2016.

Solomon isn’t set to move to its new digs until its sublease expires at the end of next year. When it does relocate to 1251 Sixth Avenue, it will join other notable tenants including Lowenstein Sandler, Akerman, Berenberg Capital Markets and TWC Group.

Leasing activity in the Manhattan office market totaled 2.1 million square feet, down from 2.6 million square feet the previous month, according to a report from Colliers. While total leasing volume for the year has surpassed 2020 and will likely surpass 2021, it appears likely to finish the year slower compared to last year.

Demand in the market is being outpaced by supply. The Manhattan markets tracked by Colliers experienced negative absorption last month, meaning the amount of available office space in the borough increased.

— Holden Walter-Warner