Mutual of America

Real Estate Weekly, Dec 15, 1999 by Lois Weiss

In a small but significant 10-year lease, Mutual of America (MOA) has taken space in a tony location outside its own building. The company just took 4,626 square feet, which is the majority of the 16th floor, at 680 Fifth Avenue. Ted Haft, president of 680 Fifth Avenue Associates, said David Berkey of Insignia/ESG was the broker for the ownership 680 Fifth Avenue, while Peter Nelson and James DeLuca of Cushman & Wakefield repped Mutual.

DeLuca said they worked with MOA for more than a year trying to find the perfect spot for a special office. "They wanted to make sure they had the right location for all the right reasons. It's a special office to Mutual and they are a quality oriented tenant," he says. Prior to its purchase of 320 Park, the company was headquartered in 666 Fifth. But the firm always retained a North Manhattan Field Office outside of corporate headquarters. The coming end of that lease at 666 Fifth in February 2000 is what prompted the lengthy search.

"What was special about this property was that it was a caliber above 666, and for a small transaction, gave Mutual a great deal of identity in a triple A building," says DeLuca.

They chose 680 Fifth because "We have the newest lobby and telecommunications systems," says Haft. "The lobby was recently renovated, including the elevators, the facade and the windows, all overseen by architect Andreas Stressman."

Comparable buildings are achieving rents in the mid $50's for similar spaces.