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Conflict management firm signs direct leases, sublease for total of 104,688 SF of Class A office space at 120 Broadway, 150 East 42nd Street
NEW YORK, February 6, 2013 — Jones Lang LaSalle has completed several new transactions, totaling 104,688 square feet, for American Arbitration Association at 120 Broadway and 150 East 42nd Street. The global leader in conflict management signed two direct leases, totaling 53,514 square feet, with Silverstein Properties Inc. and a sublease with Banco Popular for 26,174 square feet at 120 Broadway, and another 25,000-square-foot direct lease with Hiro Real Estate Co. at 15 East 42nd Street.
The tenant, American Arbitration Association, was represented in all transactions at 120 Broadway by Brian Higgins and Chris Kraus, managing directors, with JLL. The team worked closely with Francesco Rossi, CFO, with American Arbitration Association; and Bradley Kaufman, partner, with the real estate group at law firm Pryor Cashman LLP. The building owner, Silverstein Properties, was represented in-house by Roger Silverstein, executive vice president of leasing, and Joseph Artusa, senior vice president. The sublandlord, Banco Popular, was represented by Hal Stein, managing principal, and Jim Landsaw, managing director, with Newmark Grubb Knight Frank.
“This complex deal was the result of an extensive search throughout Manhattan to consolidate American Arbitration Association into one location,” said Kraus. “Downtown just became so economically attractive to the company that they were compelled to consider a relocation from Midtown.”
“American Arbitration Association was drawn to 120 Broadway’s classic architecture, as well as its large floor plates and unusual spaces,” said Higgins. “The historic building was also much better suited for the kind of open-space space layout preferred by the firm.”
In late 2012, Higgins and Kraus also completed a 15-year direct lease totaling 25,000 square feet for the American Arbitration Association at 150 East 42nd Street. Scott Gottlieb, vice chairman; Rocco Laginestra, senior vice president; and Brian Dooley, associate, with CBRE Inc. represented building owner Hiro Real Estate Co. in the transaction.JLL is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 63.6 million square feet and an agency leasing portfolio of 49.8 million square feet.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications