FISHER BROTHERS AND J.P. MORGAN ANNOUNCE LARGEST COMMERCIAL OFFICE LEASE IN THE UNITED STATES IN 2023 AT 1345 AVENUE OF THE AMERICAS

Globally renowned law firm Paul, Weiss is relocating its headquarters to 765,000 square feet at 1345 Avenue of the Americas

NEW YORK, Dec. 21, 2023 /PRNewswire/ — Fisher Brothers, a fourth-generation real estate company that owns, manages and operates unique spaces across the country, and institutional investors advised by J.P. Morgan Global Alternatives today announced that Paul, Weiss, Rifkind, Wharton & Garrison LLP, a leading international law firm, has signed a 20-year, 765,000 square-foot lease at 1345 Avenue of the Americas, marking the largest commercial office lease in the United States in 2023. Globally recognized as a market leader, Paul, Weiss represents many of the world’s largest and most important public and private corporations, asset managers and financial institutions. The firm plans to initially occupy 18 floors within the highly amenitized Midtown office tower.

“New York City continues to be an unparalleled place to do business, and we’re thrilled to support Paul, Weiss’ growth,” said Winston Fisher, partner at Fisher Brothers. “We are committed to creating and maintaining innovative spaces that enable industry leaders to thrive. As we look ahead to a new year, this lease underscores an important global institution’s commitment to having an in-person footprint in New York City.”

“Employee experience is at the forefront of tenants’ priorities, and we can’t wait to welcome Paul, Weiss to enjoy the unparalleled, world-class work environment we’ve curated for our tenants at 1345 Avenue of the Americas,” said Ken Fisher, partner at Fisher Brothers. “The firm’s notable growth and relocation shows how important modern amenities, public art, meeting spaces and state-of-the-art infrastructure are for today’s top businesses. We’ve invested tremendously in these elements at 1345 Avenue of the Americas and are so excited to see the largest commercial lease in the country come from our commitment to offering best-in-class experiences.”

“With its high-tech features, thoughtful meeting spaces and artistic elements, 1345 Avenue of the Americas is the ideal location not only to accommodate our needs as we continue our path of global growth, but also to complement our firm culture of excellence in client service, collaboration and innovation,” said Brad S. Karp, chairman of Paul, Weiss. “We are excited about our move to a spectacular new space that will elevate the daily experience for our clients and community.”

Recently, Fisher Brothers and J.P. Morgan completed a $120 million large-scale capital improvement project at 1345 Avenue of the Americas, which included upgrades to the building’s exterior, an artfully designed lobby with upgraded touchless elevators, and a new amenity floor, @Ease 1345, featuring 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. 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 last year.

As part of the capital improvement plan, last year, 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 100ft of bench seating to work, collaborate and meet around new raised planters, tables and chairs throughout the plaza, new granite pavers, steps and lighting.

The largest commercial lease in the nation is the latest positive economic indicator in New York. According to The Partnership for New York City, both large and small employers have seen an increase in average weekday office attendance compared to January. Overall, the data shows that nearly three-quarters of Manhattan office workers are now coming in at least three days a week, which is further evidenced by several New York transit modes recently setting post-pandemic ridership records.

Marc S. Packman, Head of Leasing, Clark Briffel, Senior Director of Leasing, Charles P. Laginestra, Director of Leasing, and Josh Fisher, Assistant Director of Leasing at Fisher Brothers led negotiations for Fisher Brothers. Paul, Weiss was represented by Moshe Sukenik, Chris Mongeluzo, and Brian Cohen of Newmark. Howard Fiddle, Peter Turchin, Ben Josephs, Bill Lacovelli, and Antony Dattoma from CBRE, as well as Russ Rabinovich and Jenny Haberman from Holland & Knight LLP, worked with Fisher Brothers to secure the deal.

About Paul, Weiss

Paul, Weiss, Rifkind, Wharton & Garrison LLP is a premier firm of more than 1,000 lawyers with diverse backgrounds, personalities, ideas and interests who provide innovative and effective solutions to our clients’ most complex legal and business challenges. The firm represents many of the world’s largest and most important public and private corporations, asset managers and financial institutions, as well as clients in need of pro bono assistance. Paul, Weiss is widely recognized as having market-leading practices in public M&A, private equity, litigation, white-collar & regulatory defense, and restructuring, along with equally strong practices in executive compensation, intellectual property, personal representation, real estate and tax law. Please visit the company’s website at www.paulweiss.com.

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.

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 www.jpmorgan.com/am.

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