FDIC signs for 147,543 SF at EJME’S 1166 Avenue of the Americas

NEW YORK, Jan. 13, 2025 – Edward J. Minskoff Equities (EJME) and JLL announced today that the FDIC has leased 147,543 square feet of office space at 1166 Avenue of the Americas, the prestigious 44-story skyscraper that occupies the entire blockfront of Avenue of the Americas between 45th and 46th Street in Midtown Manhattan.

The transaction follows the recent completion of a $235 million refinancing of the property by Wells Fargo, which held the previous loan on the building.

FDIC will relocate to 1166 Avenue of the Americas from the Empire State Building in a 10-year lease, occupying the partial 7th floor and the full 8th, 9th and 10th floors of the property. Asking rents for the building begin in the $80s psf.

EJME, a developer, owner and manager of institutional quality real estate nationally, owns condominium interests which comprise floors 2 through 21 of 1166 Avenue of the Americas, which was designed by Skidmore, Owings and Merrill and built in 1975.

JLL leasing professionals Paul N. Glickman, Vice Chairman; Diana L. Biasotti, Senior Vice President; Cynthia Wasserberger, Vice Chairman, and Christine Colley, Executive Managing Director, represented EJME in the 10-year leasing transaction. The tenant was represented by Connor Faught, Executive Vice President, and Sheena Gohil, Vice Chair, with Colliers. Jeffrey Sussman, Executive Vice President, and Matt Pynn, Vice President, represented EJME in-house.

“1166 Avenue of the Americas is a premier Midtown asset that provides a superior tenant experience beginning in the Gensler-redesigned lobby, which houses an extensive art collection, and continuing throughout the building with a host of market-leading amenities,” said Edward J. Minskoff.

“We are pleased to welcome the FDIC to 1166 Avenue of the Americas where institutional ownership continues to prioritize the tenant experience,” said Glickman, noting that the landlord is creating a new fitness facility and lounge adjacent to the building’s brand new, 12,000-square-foot conference center.

Added Biasotti, “EJME’s ongoing investment in best-in-class amenities, coupled with the property’s superior floor plates and prime midtown location, make 1166 Avenue of the Americas a leading destination in the Manhattan office market.”

The JLL leasing team also recently completed a 40,240-square-foot office lease at 1166 Avenue of the Americas with commercial insurance writer CNA Insurance (CNA). CNA signed a 15-year lease to relocate from 125 Broad St. in Q4 2024 to occupy the entire 11th floor of the property. CNA was represented by JLL Executive Managing Director Michael Berg, Managing Director Jeff Szczapa and Associate Finley Burger.

Other recent leases include a 40,240-square-foot lease for the 17th floor of the property by Axis Insurance. Only three floors remain available for lease in the building, whose tenant roster includes consulting firm FTI, investment firms Janney Montgomery Scott, William Blair, Cross Lake Partners, Sprint T-Mobile Communications and Huron Consulting.

Renowned for its showpiece lobby which features a monumental sculpture by contemporary artist KAWS as well as signature tapestries by pop artist Roy Lichtenstein, 1166 Avenue of the Americas recently underwent a series of upgrades that included the new conference center, high-speed elevators with destination dispatch and new restrooms with touchless features. The tower has a landscaped, block-long outdoor plaza, bike storage and its digital capabilities are certified WiredScore Gold.

Ground Central Coffee Company, the unique eatery that partners with local book and record stores to bring arts and culture to the eating and dining experience, recently opened its 7th New York location in the building’s ground floor retail space, further enlivening a neighborhood of world-class restaurants, hotels and retail with an abundance of cultural and social activities.

Situated steps from Bryant Park, 1166 Avenue of the Americas is proximate to Grand Central, Penn Station and the Port Authority and offers convenient access to numerous subways and bus lines.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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