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Manhattan Weekly Comp Digest: 1251 AoA, 120 Wall Street, 510 Madison

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Sublease Turns Direct at 1251 Avenue of the Americas

Back in 2006 Public Company Accounting Oversight Board subleased part of the 16th Floor (33,125 SQFT) at 1251 AOA for rent that started in the $60s PSF and escalated to $70s PSF. The non-profit is now going direct and expanding to the entire 16th floor (41,900 SQFT) with a starting rent in the mid $70s PSF.
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Non-Profits on Wall Street

Two nonprofits recently signed at 120 Wall Street, an association center building leased exclusively to nonprofits in exchange for real estate tax exemptions:
  1. American Institute of Chemical Engineers will take 16,000 SQFT for 15 years, with starting rent in the mid $30s.
  2. Concepts of Independence signed a lease renewal for 15,000 SQFT for 15 years with a slightly lower rent.

Rents at 120 Wall Street are in line with other recent transactions in FiDi, and the tenants in the building also benefit from the property tax exemption.
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Prosiris Moves to 510 Madison, Pays Triple Digit Rent

Prosiris Capital is moving out of Silverstein's 529 Fifth Avenue, where current asking rents are in the mid-$50s PSF. The company's new lease is on the 20th floor of Boston Properties' 510 Madison Avenue, where Prosiris will pay over $110 PSF for ten years. Recent leases in the building include LH Capital, which occupies a smaller space on the 14th floor.
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