The Japanese company signed a 20-year lease for 68,000 square feet on the 34th and 35th floors of the 48-story tower at 151 West 42nd Street, formerly known as 4 Times Square, according to the landlord. Asking rent was $105 per square foot.
Mitsubishi currently has its headquarters in 120,000 square feet at Durst’s 655 Third Avenue, where it has been a tenant since 2005, and signed a three-year extension for the space last year. It plans to move into One Five One in summer 2022, according to Durst.
“We are thrilled to add Mitsubishi International to One Five One’s tenant roster,” Jonathan “Jody” Durst, president of the Durst Organization, said in a statement. “And we are pleased Mitsubishi has selected another Durst property for their new chapter and to continue our thriving partnership for another 20 years.”
Mitsubishi’s deal at One Five One comes soon after Durst inked a lease with building consulting firm Vidaris for 19,000 square feet on the 24th floor in July. And the insanely popular, video-sharing app, TikTok, made waves when it took 232,000 square feet in the tower in May 2020, the first sizable lease in Manhattan after the COVID pandemic hit.
Durst handled the deal in-house via Tom Bow, Rocco Romeo and Tanya Grimaldo. Moshe Sukenik, Noel Flagg and E.N. Cutler of Newmark represented Mitsubishi. A spokesperson for Newmark did not respond to a request for comment.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.