Costly upgrades to the Time-Life building at 1271 Sixth Avenue is leading to new interest from prospective tenants.
H.I.G. Capital, which manages $30 billion in assets, is the latest tenant at Time-Life, located on Sixth Avenue between 50th and 51st street. H.I.G. signed an agreement to lease 58,000 square feet of office space on the building’s 23rd floor as well as part of the 22nd floor.
One source told the New York Post that the asking price per square foot was over $90.
The renovation, which includes a “glass curtain” wall, a newly-designed lobby and plenty of upgrades, began after Time Inc. relocated to Brookfield Place several years ago. The renovation cost the Rock Group $600 million to bring the building into the current era.
77-percent of the building has been leased since its costly mid-2016 renovation.
The largest tenants to date include Latham and Wakins, which leased 406,000 square feet, Bessemer Trust, which leased 240,000 square feet, and Blank Rome, which leased 138,000 square feet.
Other companies at 1271 Sixth Avenue include the Rockefeller Group, Vornado Realty Trust, the Durst Organization and Fisher Brothers.
Knight Frank’s Brad Needleman and Jason Perla brokered the least to H.I.G. Capitol.
The Rock Group, in their lease, was represented by their own in-house representatives, Ed Guiltinan and Jennifer Stein.
“The building offers outstanding office space, an impressive lobby, a prominent location, ease of access for employees and clients, desirable amenities, and a world-class reputation that will serve as a strong fit with our global platform,” Ira Weidhorn, the Managing Director at H.I.G. Capital, said in a statement.
“Rockefeller Group made a major commitment to redevelop and reintroduce 1271 to the New York business and real estate communities, and it is extremely rewarding to see companies like H.I.G. Capital respond to the opportunity and choose to relocate to the building,” Bill Edwards, the Executive Vice President and Head of Core Holdings for the Rockefeller Group, said in a statement.
“The decision by H.I.G. is another testament to the extraordinary location, infrastructure, and efficiency that 1271 Avenue of the Americas always had,” CBRE’s John Maher, who also represented the Rockefeller Group, said in a statement.
“An icon of mid-century modern architecture, 1271 Avenue of the Americas has always used design to inspire and elevate the work day,” an online description of the Time-Life building says. “An extensive top-to-bottom renovation means that this world-renowned building will continue to turn heads well into the future.”
“1271 Avenue of the Americas is where everything comes together for today’s business,” the building’s website says. “Fully redesigned, it has the efficiency and infrastructure of a new building, combined with the history and prestige of one of New York City’s most recognized business addresses.”
