Cushman & Wakefield announced Tuesday that Financial Security Assurance Inc., a New York-based monoline bond insurer, will relocate its headquarters from 350 Park Ave. to larger space at 31 W. 52nd Street.
The value of the transaction was not disclosed.
The triple-A rated insurer signed a 110,380-square-foot sublease for the 25th through the 29th floors, space previously occupied by Deutsche Bank.
Built in 1985 for E. F. Hutton, 31 W. 52nd St. is a 29-story, premier office building totaling about 700,000 square feet. Its upper floors have views of Central Park and overlook the famous Rockefeller Center ice skating rink. Major tenants include law firm Clifford Chance and Toronto Dominion Bank.
Cushman & Wakefield represented FSA in its space search and in lease negotiations with Deutsche Bank and the building’s ownership, 40 West 53rd Street Associates LP.
CB Richard Ellis represented Deutsche Bank, which currently retains the lease to the space.
Manhattan, N.Y.-based Cushman & Wakefield is a privately held commercial real estate services company.
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