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A specialty insurance startup is headed to One Grand Central Place after outgrowing its Midtown South office.
Bermuda-based Mosaic Insurance signed a six-year sublease with PIMCO Prime Real Estate for 12,722 square feet on the entire 42nd floor of Empire Real Estate Trust’s 55-story office tower, which has an alternative address of 60 East 42nd Street, Commercial Observer has learned.
Mosaic will more than double its footprint with the move from 5,800 square feet at 65 West 36th Street, according to a source with knowledge of the deal.
The source declined to disclose the asking rent, but average asking rent for office space in Midtown was $82.89 per square foot in the fourth quarter of 2023, according to CBRE.
PIMCO signed on for 6,800 square feet in the building in 2013 when it was known as Allianz Real Estate, Crain’s New York Business reported. German asset manager Allianz acquired PIMCO in 2001 and recently rebranded its real estate investment arm as PIMCO.
The company later relocated to the 42nd floor and expanded its office to its current 12,722 square feet, according to CBRE’s Mark Ravesloot, who represented PIMCO in the deal along with William Iacovelli.
A spokesperson for CBRE said PIMCO put the space on the sublet market after relocating and consolidating its office to 1633 Broadway, where Allianz is located.
“We’re pleased that we were able to pull together a quality subtenant such as Mosaic for PIMCO and lease this surplus space,” Ravesloot said.
Mosaic was founded in 2021 and opened its first New York City office later that year to serve as a home for its cyber and transactional liability lines, according to the company’s announcement. Mosaic also has underwriters based in Chicago, Los Angeles, Boston and Virginia.
Newmark (NMRK)’s C.J. Heitner and Matthew Shreiner arranged the sublease for Mosaic. Heitner and Shreiner declined to comment.
Mosaic’s sublease comes a week after skin care brand Sol de Janeiro took 57,203 square feet in the 1.3 million-square-foot One Grand Central Place.
Abigail Nehring can be reached at anehring@commercialobserver.com.
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