Commercial insurance brokerage the Krauter Group is moving up the street to 1350 Avenue of the Americas, where it signed a lease for 17,750 square feet. The insurance firm will take the entire 18th floor as well as part of the 19th.
To expedite the deal, landlord SL Green subleased the space from Burberry, the current tenant, for 18 months. The asking rent for the 13-year lease was $65 a square foot, according to Crain’s.
Currently located at 1211 Avenue of the Americas, Krauter plans to move into its new space in January.
Newmark Knight Frank’s Lance Korman and Brian Waterman represented Krauter in the deal. SL Green was represented in-house by Gary Rosen and Howard Tenenbaum.