The law firm DLA Piper and the insurance group Ascot recently concluded significant lease agreements at 1251 Avenue of the Americas. The property is owned by Mitsui Fudosan America and is located in Midtown Manhattan.
The law firm DLA Piper expanded its presence by 41,600 square feet, taking over the entire 29th floor. The new lease has a term of 8.5 years, bringing the firm's total space in the property, located between West 49th and West 50th Street, to 210,000 square feet. Concurrently, the insurance group Ascot signed a twelve-year renewal for its 44,100 square feet of offices, which also span the entire 43rd floor. Ascot had previously subleased the space.
Details on lease terms and brokerage
The reported asking rent for Ascot's space was $150 per square foot, while that for DLA Piper's deal reached $140 per square foot. Exclusive representation for the 54-storey office tower is handled by Newmark, represented by David Falk, Pete Shimkin, Eric Cagner and Claire Koeppel. They declined to comment.
During the negotiations, John Nugent and Alexander Golod of CBRE acted on behalf of Ascot. A separate CBRE team, comprising Mike Wellen and Ken Rapp, handled the deal for DLA Piper. CBRE did not immediately respond to an inquiry regarding the DLA Piper deal and declined to comment on Ascot.
Other prominent deals in the building
1251 Avenue of the Americas has seen other significant lease agreements recently. These include a 41,600 square foot lease for investment firm LGT Capital Partners in May. In November 2025, Trust Company of the West also expanded its space to 80,200 square feet.
