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News release

NEW YORK, NY

JLL Relocates Tokio Marine to Midtown New York, Jersey City Waterfront

Global insurance firm splits operations between New York, New Jersey


New York, August 8, 2016 JLL has completed two new, direct transactions, totaling 67,859 square feet of office space, for Tokio Marine North America. The global insurance firm signed for 21,499 square feet at 1221 Avenue of the Americas in Midtown Manhattan with building owner The Rockefeller Group, and also inked a lease for 46,360 square feet at 499 Washington Boulevard in Jersey City, N.J., with The LeFrak Organization.

Tokio Marine was represented in both transactions by Peter Riguardi, chairman and president of New York Operations; Cynthia Wasserberger and Michael Berg, managing directors, all with JLL. The owner of 1221 Avenue of the Americas, The Rockefeller Group, was represented in-house by Ed Guiltinan, senior vice president and head of leasing in New York, along with a Cushman & Wakefield Inc. team led by John Cefaly, executive vice chairman. The owner of 499 Washington Boulevard, was represented in-house by Marylou Berk, senior vice president and head of commercial real estate at LeFrak Commercial, along with a C&W team ted by Charles Borrok, executive vice chairman.

"Tokio Marine was looking to rationalize its occupancy in the New York metropolitan area in a cost-effective manner," said Riguardi. "We found terrific space at 1221 Avenue of the Americas in the heart of Midtown Manhattan that worked incredibly well for its new corporate headquarters. With the assistance of New Jersey Economic Development Authority's Grow NJ program, Tokio Marine obtained tax incentives for its new space in Newport, N.J.,  on the Waterfront, which keeps the firm within easy reach of Manhattan."

Tokio Marine inked a 15-year lease for 21,499 square feet of office space and will occupy a portion of the 15th floor at 1221 Avenue of the Americas, which is located in Rockefeller Center on the west side of Sixth Avenue between West 48th and West 49th streets. The global insurance firm is relocating its North American headquarters to the Midtown building from its previous offices at 230 Park Avenue.

"Tokio Marine is a highly respected global company and we are very pleased to welcome them to the new 1221 Avenue of the Americas," said Guiltinan. "This is a building that offers world-class amenities in a superior location."

Tokio Marine also completed a 15-year lease for 46,360 square feet and will occupy the entire 15th floor at 499 Washington Boulevard, which is located between Newport Parkway and Thomas Gangemi Drive, just a few blocks from entrance to the Holland Tunnel.

The 51-story, Class A 1221 Avenue of the Americas in New York totals 2.5 million square feet of office space. The building was designed by Harrison Abramovitz & Harris, the architects for all of Rockefeller Center, and constructed in 1969. The tower is distinguished by its large, efficient floor plates and its expansive open-air plazas with public seating that surround the building on all sides. It achieved Platinum-level Wired Certification from WiredNYC, an organization that ranks properties by their technology infrastructure, and is among the largest buildings in Manhattan to meet U.S. Green Building Council standards for Leadership in Energy and Environmental Design Silver certification for existing buildings. The building owner recently completed a major capital improvement program designed by MdeAS Architects, with the work including a new 18,000-square-foot double-height lobby, new elevators, new entrances, a redesigned street-level façade and newly landscaped side-street plazas.

The 14-story, Class A 499 Washington Boulevard in Jersey City totals 550,000 square feet of office space. The building was designed by John Lee and constructed in 2000. The building is located in Newport, the largest and most successful mixed-use development in the world that includes nearly 6 million square feet of Class A office space and more than 5,000 luxury apartments, located just minutes from Manhattan.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,300 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2015, the New York tri-state team completed approximately 32.6 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $8.2 billion; managed projects valued at $7.8 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 141 million square feet.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​