Edward Minskoff is on a winning streak of landing large office leases from government agencies, scoring the FDIC shortly after welcoming Customs and Border Protection in Queens.
The FDIC, the agency in charge of insuring bank deposits and overseeing financial institutions, signed a lease for 148,000 square feet at Edward J. Minskoff Equities’ 1166 Sixth Avenue in Midtown Manhattan, JLL announced. The FDIC will be relocating from the Empire State Building, where the Commercial Observer reports the agency occupied 119,000 square feet.
The incoming lease is for 10 years and asking rent started in the $80s per square foot. The FDIC will occupy part of the seventh floor, as well as the entirety of the eighth, ninth and tenth floors.
A JLL team including Paul Glickman and Diana Biasotti represented the landlord, while Colliers’ Connor Faught and Sheena Gohil were among those representing the tenant.
Minskoff recently modified the debt backing the 44-story Midtown office tower. Wells Fargo extended maturity dates and tweaked interest rates for three loans totaling $235 million. The securitized debt had hit special servicing after hedge fund D.E. Shaw — responsible for leasing two-thirds of the property — started the exit process.
The landlord is working on developing a fitness center and lounge to pair with a new 12,000-square-foot conference center.
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Other recent leases at 1166 Sixth Avenue include deals with insurance writer CNA Insurance and another insurance firm, Axis Insurance, which signed leases for 40,000 square feet each. There are still three floors available for lease.
Minskoff is making the most of a moment with government tenants. Last week, the U.S. Customs and Border Protection signed a 139,000-square-foot lease at Minskoff’s One Aviation Plaza in Jamaica, Queens.