SVB Securities has expanded its lease at Paramount Group’s 1301 Avenue of the Americas in Midtown Manhattan. The investment bank, specializing in health care and technology, has agreed to occupy the entire 68,183-square-foot fifth floor, bringing its total commitment at the office tower to 139,176 square feet.
According to Paramount’s Executive Vice President & Head of Real Estate Peter Brindley, this transaction further reduces the former Barclays block availability, while also preserving the opportunity of a branded building within a building for a tenant that would lease the remaining contiguous base floors, totaling 200,000 square feet.
Originally built in 1965, the property was completely renovated in 1989, according to CommercialEdge data. The 45-story, LEED Gold-certified tower offers 1.7 million square feet of rentable office space. It also features 15,000 square feet of retail. Other tenants at the location include Norton Rose Fulbright, Arent Fox and Oaktree Capital Management. Last August, Paramount completed an $860 million refinancing of the 1301 Avenue of the Americas, which is located between 52nd and 53rd streets.
In the first quarter of 2022, Manhattan’s office vacancy rate stood at 14.4 percent, up 370 basis points year-over-year. However, the average Manhattan price per square foot of $210 remains the highest in the U.S.