Rockefeller Group Leases 57,829-SF to H.I.G. Capital at 1271 Avenue of the Americas
– Global alternative asset manager becomes latest firm to relocate to redeveloped tower
NEW YORK – April 5, 2019 – Rockefeller Group today announced that H.I.G. Capital, a leading global alternative asset management firm with over $30 billion of equity capital under management, has leased 57,829 square feet in 1271 Avenue of the Americas. H.I.G. Capital will relocate from 600 Fifth Avenue to the entire 23rd floor and a portion of the 22nd floor of 1271 Avenue of the Americas.
Rockefeller Group began a $600 million redevelopment program for 1271 Avenue of the Americas in 2016. The project, which includes a new glass curtain wall , reimagined lobby, upgraded plazas, a new breezeway offering building access from Avenue of the Americas, elevator refurbishment, and improvements to the building’s HVAC system and other infrastructure, has resulted in significant leasing activity at the building.
Leases have been signed for approximately 1.5 million square feet in 1271 Avenue of the Americas since 2016. In 2018, three of the 50 largest Manhattan office leases were completed for space in 1271 Avenue of the Americas, more than any other New York City building. The H.I.G. Capital lease increases the occupancy rate for the office space in 1271 Avenue of the Americas to 77 percent, and Rockefeller Group anticipates the office space in the building will be leased prior to the scheduled completion of the renovation program at the end of 2019.
1271 Avenue of the Americas is a 2.1 million square foot, 48-floor first-class office building. It was the first building developed in the modern expansion of Rockefeller Center to the west side of Sixth Avenue. It is located between 50th and 51st Streets on Avenue of the Americas, with convenient access to public transportation.
“We are thrilled to be relocating our New York office to 1271 Avenue of the Americas,” said Ira Weidhorn, Managing Director at H.I.G. Capital. “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.”
“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,” said Bill Edwards, Executive Vice President and Head of Core Holdings for Rockefeller Group.
Ed Guiltinan, Rockefeller Group’s Senior Vice President and Head of Leasing, said, “We are delighted to welcome H.I.G. Capital to 1271 Avenue of the Americas. They are a highly respected private equity investment firm and another great addition to the building’s impressive tenant roster. We continue to be pleased with the strong demand for 1271 Avenue of the Americas, and we anticipate completing leases for a significant portion of the available space in the building over the next few months.”
H.I.G. Capital was represented by Brad Needleman and Jason Perla of Newmark Knight Frank. Rockefeller Group was represented in-house by Ed Guiltinan and Jennifer Stein, as well as a CBRE team of Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell, and Dave Caperna.
First completed in 1959, 1271 Avenue of the Americas was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center, and developed in partnership by Rockefeller Group and Time Inc., the building’s original anchor tenant. The building was built by George A. Fuller Company, which was known for its construction of many other prominent New York buildings including the U.N. headquarters, the Seagram Building and Lever House.
The redevelopment of 1271 Avenue of the Americas was designed by Pei Cobb Freed & Partners.
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About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $30 billion of equity capital under management*. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and operator, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades, the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective ownership and development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and distribution markets. Visit: RockefellerGroup.com.
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