The Durst Organization Inks Long-Term Lease at Manhattan Tower

One Five One

The Durst Organization has landed a new tenant at One Five One, a 48-story office tower in Manhattan. Chicago Trading Co. has signed a 15-year lease for 68,339 square feet and will occupy the building’s 36th and 37th floors. CBRE represented the tenant, while the landlord was represented in-house.

The Durst Organization previously secured a $650 million loan for the property, provided by Bank of America in 2007, and a $900 million loan from JPMorgan Chase in 2019, CommercialEdge data shows. The tower is LEED Gold certified due to a $150 million capital improvement program.

Completed in 1999 and renovated in 2017, the property comprises 1.8 million square feet of office space with 55,600-square-foot floorplates and 45,600 square feet of amenity space under the company’s Well& By Durst brand. The property also includes a newly renovated lobby area, building automation and temperature control systems, conference and meeting rooms and an artisanal food hall. BMO Capital Markets and the formerly known ByteDance, rebranded as TikTok are the anchor tenants of the tower, leasing more than 215,000 square feet. SC&C, NASDAQ, RSM and ICAP, among others, are also tenants of the building.

Located at 151 W. 42nd St., the property is next to One Times Square and Town Hall. Numerous dining and retail options, as well as Bryant Park, are within walking distance of One Five One. The property is also next to several metro and bus stations.

Vice Chairman & Co-Head Ben Friedland, Senior Vice President Jason Pollen, Associate Hannah Gerard of CBRE New York’s team, alongside Vice President Mark Keebler and Vice Chairman Brad Serot of the Chicago Office represented CTC. Executive Vice President Tom Bow, Senior Vice President Rocco Romeo and Associate Director Tanya Grimaldo of The Durst Organization worked on the transaction on behalf of the firm.

The Durst Organization secures major Manhattan leases

As one of the country’s leaders in the development of commercial and multifamily assets, The Durst Organization owns and managed over 13 million square feet of office space, primarily in Manhattan. A few months ago, the company secured a new tenant at 1155 Avenue of the Americas. American Equity Investment Life occupied the 35th floor of the tower, agreeing to a 10-year, 17,246-square-foot lease.

In April, the firm also signed a 15-year lease with Global Relay USA Inc. for the tower’s penthouse. The information management company agreed on a 77,000-squre-foot block.