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Chubb Insurance signs sublease in midtown.

Taking advantage of the growing sublease market, Federal Insurance Company, also known as Chubb & Son Inc., has signed a long-term sublease at 1221 Avenue of the Americas (the McGraw Hill Building) in midtown Manhattan.

A subsidiary of The Chubb Corporation, Federal Insurance has committed to 32,264 square feet in relocating and expanding its New York operations from 1211 Avenue of the Americas. The company also has options to expand into the entire 40,000-square-foot floor over the term of the lease. The 11-year sublease is from Salomon, Inc.

Josh N. Kuriloff, director of Cushman & Wakefield, represented Chubb in negotiations along with Kenneth Krasnow of Cushman & Wakefield.

Charles Borrok and Michael Lichtenstein of William A. White represented the sublessor, Salomon, Inc.

Kunloff explained that, as a subtenant in today's market, Chubb gained access to private meeting and executive dining rooms, a cafeteria and conference facilities at 1221 Avenue of the Americas. "On a straight lease, they may not have had these extras," he said. "But those elements were built into Salomon's deal, so Chubb received them."

The building is in close proximity to such Chubb brokers as Marsh & McLennan, Johnson & Higgins, Fred S. James, Alexander & Alexander and ITT. "That was an important consideration for us," Grosseibl said.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 15, 1992
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