Silverstein Signs 50 KSF Manhattan Tenant
A global insurance firm will occupy space at this 1 million-square-foot tower.
Silverstein Properties has secured a new 49,264-square-foot lease at 1177 Avenue of the Americas with global insurance and investment organization Starr.
This multi-year lease at the 1 million-square-foot Midtown office high-rise has Starr occupying the seventh and eighth floors of the 47-floor structure. It also gives the firm access to a private outdoor space overlooking Sixth Avenue.
Harlan Strader, Lou D’Avanzo, Anthony LoPresti, Peter Kerans of Silverstein and Caroline Collins of Cushman & Wakefield represented the owner. John Picco and Alex Lachmund of Cushman & Wakefield represented the tenant.
“We are proud to welcome Starr’s New York City expansion at 1177 Avenue of the Americas,” Strader told Commercial Property Executive. The firm’s global headquarters is at 399 Park Ave., less than 1 mile from the new location.
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During the past 12 months, Manhattan has seen a continuation of the flight to quality in which tenants are actively choosing higher quality spaces despite the higher rents that come with it, according to an Avison Young report.
This preference for premier space has been reflected in the availability rates, as trophy and Class A buildings saw 3.3 percent and 2.8 percent respective decreases year-over-year in the first quarter of 2025. Trophy decreased from 18.2 percent to 14.9 percent, while Class A fell to 18.9 percent from 21.7 percent.
A Class A office tower
Silverstein acquired 1177 Avenue of the Americas in 2007 for $1 billion, according to CommercialEdge information. Completed in 1992, the Class A office tower underwent cosmetic renovations in 2012.
The LEED Silver-certified property has floorplates ranging from 9,900 to 33,900 square feet and an amenity floor dubbed Seventeen by Inspire. The tower’s street-level lobby was recently renovated to include 60-foot-high ceilings.
H.W. Kaufman Group signed a long-term agreement in March to relocate its New York City office to the Midtown tower. Law firm Kramer Levin, private equity firm Mill Point Capital and nonprofit organization Practising Law Institute are other prominent tenants.
Insurance industry ‘returning to office’
The Starr lease is an example of broader trends for insurance companies and certain other corporate occupiers, according to Ben Bailey, JLL managing director & executive leader for its insurance business segment.
“We’re seeing a measured return to the office across the insurance industry and an appetite for expansion into higher-quality space. In fact, 60 percent of insurance leases signed last year involved relocation, new or expanded offices,” said Bailey, adding that nearly a third of relocations have been ‘trade-ups’ to more centrally located, highly amenitized spaces.
“I expect to see more of this on the horizon as insurance companies evaluate their current office portfolio, focusing on future talent pools, location strategy and providing an optimal employee experience,” he concluded.
Despite the hit that the overall office market took during the pandemic and subsequent shift to remote work, office buildings in Midtown Manhattan, particularly Class A ones, have survived the downturn and are thriving with a return to high demand, said David Curry, partner at Farrell Fritz.
“Having a Midtown Manhattan address continues to add clout, prestige and credibility to major domestic and global companies, keeping demand high,” he noted.
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