A Canadian wealth management firm is making a move in Midtown, consolidating two acquisitions with a sizable lease at HJ Kalikow’s 101 Park Avenue.
CI US Holdings signed a lease for 50,000 square feet at the office tower, the New York Post reported. The duration of the lease is unclear, but the asking rent on the space was $105 per square foot.
CI US Holdings started hunting for a Midtown office space after acquiring two firms based in the area.
Cushman & Wakefield’s John Cefaly and Nicholas Dysenchuk represented Kalikow in the lease. A Savills team including Mitti Liebersohn and Mark Robbins represented the tenant.
Last year, indoor golf experience company Five Iron Golf signed a 30,000-square-foot lease for the third floor of the office property, serviced by a dedicated entrance with a private elevator. The space is expected to open in the fall.
In 2018, Bank of America provided a $365 million mortgage to Kalikow at 101 Park, replacing a $300 million loan the bank held dating back to 2012 at the 46-story office tower.
Kalikow completed the 1.1 million-square-foot building in 1982 for roughly $160 million. The property, which is between East 40th and East 41st streets, has dining space Club 101, meeting center Convene and the American Kennel Club Museum among its tenants.
In the last quarter, the building has seen more than 110,000 square feet of leases, principal Kathryn Kalikow told the Post.
The fourth quarter was a challenging one for Manhattan’s office landlords as leasing in the borough plummeted 43 percent year-over-year. Tenants took only 4.9 million square feet during the last three months of the year, the lowest quarterly total in more than a year, according to Colliers.
The decline in leasing from the previous quarter was the sharpest drop since the onset of the pandemic.
— Holden Walter-Warner