Natixis, the French banking and investment firm, is said to be in talks to take a roughly 200,000 square foot lease at 1251 Avenue of the Americas, filling vacancy that be left behind when the cosmetics firm Avon vacates.
Natixis, which has several subsidiaries and offices throughout the city involved in a number of different financial operations, has perused the Manhattan office market for years in search of a location to consolidate its facilities according to sources.
The firm had looked at 11 Times Square, the speculative office tower on the corner of 8th Avenue and 42nd Street, but then shifted its attention to cheaper sublease space at 277 Park Avenue being offered by JP Morgan Chase when the economy began to dip into a recession.
Natixis was close to a deal at 277 Park but appeared to back off and refrain from real estate decision making as the financial market was shaken by crisis in 2008 and lingering problems in 2009. Some brokers have speculated that the firm’s size requirements have been reduced since it first went out looking due to layoffs and downsizing.
According to its website, Natixis has a number of offices around midtown. Caspian Capital Management, a subsidiary fund, occupies space in the luxury commercial tower 745 Fifth Avenue. Another Natixis fund, Coface North America, has space in 1350 Avenue of the Americas. The subsidiary Reich & Tang Funds has offices at 600 Fifth
Avenue. Natixis also has offices at 1345 Avenue of the Americas an space at the midtown super trophy building 9 West 57th Street, where its capital markets group is located.
A Cushman & Wakefield team led by one of the company’s top executives and brokers John Cefaly is leading the Natixis search. The space at 1251 Avenue of the Americas, a giant Sixth Avenue skyscraper owned by the Japanese real estate investment firm Mitsui Fudosan has a hole opening up as a result of the departure of Avon, which opted to relocate to 777 Third Avenue earlier this year rather than renew its expiring lease.
Cefaly or a spokesman from Natixis Mitch Karig weren’t available for comment. A leasing team from Newmark Knight Frank that represents Mitsui in leasing deals at 1251 Avenue of the Americas also wouldn’t comment on the potential deal.