Silverstein Properties reached for the Starr in Midtown Manhattan.
The global insurance and investment firm signed a lease for 49,000 square feet at 1177 Sixth Avenue, the New York Post reported. The asking rent for the space was in the $80s per square foot.
Starr will occupy the seventh and eighth floors of Americas Tower, as it is sometimes known. The company’s lease includes private outdoor space.
The insurance company is expected to hold on to its space on the second floor of BXP’s 399 Park Avenue, located less than a mile away. It’s unclear how much space the firm occupies at the property today, but in 2016, it agreed to renew roughly 140,000 square feet at 399 Park Avenue while expanding by another 71,000 square feet.
Harlan Strader represented Silverstein in-house, according to the Commercial Observer, alongside a Cushman & Wakefield team including Lou D’Avanzo and Anthony LoPresti. Cushman’s Alex Lachmund and John Picco represented the tenant.
Other tenants in the building include law firm Kramer Levin, private equity firm Mill Point Capital and nonprofit Practising Law Institute. Menswear shop Charles Tyrwhitt is a retail tenant and fast-casual Middle Eastern shop Naya is opening an outpost there.
The landlord was dealt a blow when Signature Bank collapsed. The turmoil around the building’s second-largest tenant caused the availability rate at the property to spike 10 percentage points. At one point in 2023, the rate hit 26 percent, according to Fitch Ratings.
The bank vacated approximately 90,000 square feet at the 47-story, 1 million-square-foot tower when it failed.
Silverstein and the California State Teachers Retirement System bought out UBS at the building at an $860 million valuation in 2021. Ownership landed a $450 million refinancing from DBR Investments Co. — a Deutsche Bank affiliate — and Wells Fargo in 2021.
— Holden Walter-Warner
Read more
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$450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue
