Rubenstein Signs HQ Lease in Manhattan

Rubenstein Public Relations has signed a 10-year, 13,200-square-foot lease at Empire Capital Holdings‘ 1330 Avenue of the Americas in Midtown Manhattan. The public relations company will relocate from the neighboring 1301 Avenue of the Americas to the 14th floor of the 40-story tower, with move-in planned by June 2023.

The landlord picked up the asset last year for $320 million, according to CommercialEdge information. The same source reveals that the property is subject to a $215 million loan by Deutsche Bank, set to mature in 2032. The property’s tenant roster comprises Hunt Cos., Servcorp, Capital Z Partners, Campbell & Partners Consulting, Starbucks and Samsung Securities, among others.

A $30 million upgrade by Gensler

Completed in 1965, the 525,825-square-foot 1330 Avenue Of The Americas was renovated in 2007, as shown by the same data provider. The $30 million upgrade was spearheaded by Gensler and Moed de Armas & Shannon.

The property is located between 53rd and 54th Streets just south of Central Park and is part of Manhattan’s priciest submarket, the Plaza District. The high-rise features on-site management, amenity services, tenant engagement programs and revamped conferencing center.

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Since the pandemic, the borough’s office market witnessed the most rapid rise in vacancy rate in the Northeast region. As of January 2023, Manhattan’s vacancy rate expanded by 2.6 percent year-over-year, reaching 15.4 percent, according to a recent CommercialEdge report.

Earlier this month, ATCO Properties & Management signed three lease renewals totaling 17,477 square feet across three of its office buildings in Midtown. Additionally, sovereign wealth fund Temasek International prolonged and expanded its lease contract at RFR Realty’s Seagram Building.