NEW YORK, August 17, 2010 — Jones Lang LaSalle has completed a 68,669-square-foot sublease transaction for Mizuho Securities USA Inc. at 320 Park Avenue. The financial services firm signed a 10-year deal to sublease space from JPMorgan Chase & Co. at the 750,000-square-foot Class A office building.
Subtenant Mizuho Securities was represented by Paul Formichelli and Jim Wenk, senior vice presidents, both with Jones Lang LaSalle’s New York office. Sublandlord JPMorgan Chase was represented by Cassidy Turley. The building is owned by Mutual of America Life Insurance Co.
“Mizuho Securities sought a prominent location with great infrastructure in the Midtown market for its North American headquarters,” said Formichelli. “The Mutual of America building offered an ideal location for the company. Jones Lang LaSalle was able to obtain two full floors of office space in a cost-effective transaction for Mizuho Securities. In addition, the sublandlord agreed to install a back-up generator for the financial services firm.”
Mizuho Securities will sublease 68,669 square feet of office space at 320 Park Avenue, which is located between East 50th and East 51st streets. The financial services firm will occupy the entire 11th floor and 12th floor of the office building in a relocation from its existing premises at 1251 Avenue of the Americas.
Neighboring tenants at 320 Park Avenue include Mutual of America Life Insurance Co.; Kelso & Co.; Welsh, Carson, Anderson & Stowe; Bank One; George Weiss & Associates; and Standard Americas Inc.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. In the New York tri-state area, Jones Lang LaSalle provides leasing and management services for more than 94 million square feet of commercial real estate on behalf of owners and occupiers in the region. For further information, please visit our Web site, www.joneslanglasalle.com