January 17, 2024 | Fisher Brothers

Fisher Brothers and J.P. Morgan Announce Complete Repositioning of 1345 Avenue of the Americas, Nearly 1 Million Square Feet of New Leases

Fisher Brothers ended 2023 with nearly one million square feet of new leasing activity at 1345 Avenue of the Americas

Repositioning of the newly renovated Midtown tower, which is over 90% leased, is complete

NEW YORK, NY (January 17, 2024)On the heels of last month’s announcement of the largest commercial lease in the United States – 765,000 square feet signed by leading international law firm Paul, Weiss – today, Fisher Brothers and institutional investors advised by J.P. Morgan Global Alternatives announced that 1345 Avenue of the Americas is fully repositioned and over 90% leased.

Fisher Brothers signed nearly one million square feet of new leasing activity at 1345 Avenue of the Americas in 2023. Most recently, Fisher Brothers signed a 15-year, 143,000-square-foot lease with a leading financial firm at the property. Coupled with the recent $120 million capital improvement project, the historic Paul, Weiss deal as well as several others, these leases complete the repositioning of one of Fisher Brothers and J.P. Morgan’s leading commercial real estate assets.

“We’re exceptionally proud to end 2023 on such a high note, celebrating nearly one million square feet of leases in light of ongoing market uncertainty at one of our core commercial properties,” said Ken Fisher, Partner at Fisher Brothers. “We have successfully completed the repositioning of 1345 Avenue of the Americas with the nation’s largest commercial lease and millions of dollars invested in capital improvements to ensure our tenants have a leading office experience.”

1345 Avenue of the Americas has seen incredible leasing activity over the past year, with 965,000 square feet of new leases in the last 12 months. Last month, Fisher Brothers announced the year’s largest commercial office lease in the nation with Paul, Weiss planning to initially occupy 765,000 square feet across 18 floors at the property. Additionally, in recent months, Fisher Brothers signed a lease with QuadReal USA Services LLC and a renewal with Virgo Business Centers. With the leasing volume over the past year, Fisher Brothers expects the building will be over 90% leased within the next few months, with significant leasing momentum heading into 2024.

Recently, Fisher Brothers and J.P. Morgan completed a $120 million large-scale capital improvement project, which included upgrades to the building’s exterior, an artfully designed lobby with upgraded touchless elevators, and a new amenity floor, @Ease 1345. The amenity floor features 5,500 square feet of flexible meeting space, event capacity of up to 440 guests, tenant lounge, wellness center, New York City’s largest indoor terrarium and hybrid meeting spaces, available for use by all tenants. Ease Hospitality offers the latest, modernized technology to host engaging meetings and experiences. A second Ease Hospitality location opened at Fisher Brothers’ 605 Third Avenue in 2022.

As part of the capital improvement plan, Fisher Brothers unveiled a large-scale experiential art installation at 1345 Avenue of the Americas. The piece is a vibrant painted mural entitled “Falcon Dreaming,” located within the redesigned Fisher Park adjacent to the commercial office tower and the Ziegfeld Ballroom. The 56-foot by 23-foot mural integrates an augmented reality experience. Additional upgrades to Fisher Park include public Wi-Fi, over 100 feet of bench seating to work, collaborate and meet around, new raised planters, tables and chairs throughout the plaza, and new granite pavers, steps and lighting.

Marc S. Packman, Charles P. Laginestra, Clark Briffel and Josh Fisher lead negotiations for Fisher Brothers across the commercial portfolio with assistance from CBRE.

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About J.P. Morgan Global Alternatives and J.P. Morgan Asset Management – Real Estate Americas

J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$74 billion (Gross Asset Value as of September 30, 2023) in equity and debt assets under management and more than 240 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 60 years as an alternatives investment manager, US$213 billion in assets under management and more than 800 professionals (as of September 30, 2023), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am.


About Fisher Brothers

For more than a century, Fisher Brothers has excelled in real estate innovation, developing, owning and operating unique spaces that enable people to thrive. From cutting-edge building design to neighborhood-defining art installations, Fisher Brothers leverages each real estate asset to create one-of-a-kind spaces for people to live, work and play. Fisher Brothers currently owns and operates commercial, residential and experiential retail assets in New York City, Las Vegas, Washington, DC, Miami and Orlando. For additional information about Fisher Brothers, please visit the company’s website at www.fisherbrothers.com.

Media Contact:

Berlin Rosen, fbmc@berlinrosen.com