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NIKKEI moves U.S. operation to 1325 Avenue of the Americas.

NIKKEI moves U.S. operation to 1325 Avenue of the Americas

The Japanese media giant NIKKEI, whose business news and financial data are closely followed by millions of professionals around the world, will move its U.S. headquarters to 1325 Avenue of the Americas in the fall of 1991. The company has leased approximately 34,000 square feet in the new 35-story office tower developed by Edward J. Minskoff Equities, Inc.

NIKKEI, a household name in Japan, is a broad-based affiliation of more than 50 companies and research organizations. It publishes 31 magazines, 16 newsletters and five newspapers, including Nihon Heizai Shimbun, the world's largest economic newspaper. In addition, NIKKEI owns five television stations, a global electronic data network and other media services.

The international company will more than double the size of its U.S. offices when it moves to 1325 Avenue of the Americas. Japan Network Group Inc., owned by NHK broadcasting and C. Itoh & Co., Ltd. will also move to 1325 in August. They join number of the city's major media companies on Avenue of the Americas, such as CBS, NBC, McGraw Hill, Time and Warner Bros.

Michael Elkin of Interactive Properties and Joe Tanaka of MIC Real Estate represented NIKKEI in the transaction. Victor Yamagishi and Stewart s. Cohen of C. Itoh Realty Services served as consultant to the landlord, working with Arthur Lerner and Paul Haskin of Newmark Real Estate Services, exclusive leasing agent for the building.

Other tenants in the building include Warner Bros., New York Hilton Joint Venture, Integrity Life Insurance Company, Orion Pictures, Inc., Kajima Development Corp., Japan Network Group, Inc. and Remi, one of New York's premier Italian restaurants.

The 750,000-square-foot granite and glass building is located mid-block between 53rd and 54th Streets adjacent to the New York Hilton Hotel, to which it is connected via an elevated bridge. The building, which recently received an "Excellence in Design Award" from the American Institute of Architects, is designed by Kohn Pederson Fox Associates.

The office tower's entrances at 53rd and 54th streets open into identical semi-circular lobbies which have a 27-foot high ceiling. Other features include a four-story, sky-lit, throughblock galleria, complete with public space and retail shops. Floor sizes range from 22,600 square feet to 23,000 square feet. Amenities include multiple corner offices, high-speed computer controlled elevators, a sophisticated video monitoring system, and a 24-hour security staff.
COPYRIGHT 1991 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jul 3, 1991
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