Newmark Knight Frank | Global Real Estate Advisors -
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Published on: 4/17/2008
Last Visited: 11/26/2008
Newmark Knight Frank Senior Managing Director Brian Goldman and Associate John Moran brokered the 10-year transaction.
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Paulson & Co.'s lease encompasses the entire 50th floor, approximately 44,100 square feet, of the 54-story, Class A tower, with its outstanding panoramic views and mostly column-free configuration, according to Goldman.
"Tower full-floor availabilities in buildings of this caliber are difficult to identify in this submarket."
Originally developed by The Rockefeller Group as the world headquarters of Exxon Corp., 1251 Avenue of the Americas "is one of the finest buildings in Midtown and the best property on Sixth Avenue," he said, "with a standout tenant roster comprised of institutional-quality financial services and investment management firms."
From the brokerage standpoint, the most difficult aspect of this transaction was finding this particular space in the first place.
The prime block of space itself was never officially placed on the open leasing market, according to Goldman.
The Newmark Knight Frank team diligently searched the marketplace, he notes, "and our ultimate success on behalf of Paulson was based on our ability to uncover this 'hidden opportunity' and quickly determine it satisfied all of their requirements."