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Insurance firm leases 27,342 SF to consolidate operations into entire 16th floor at Class A, 1.1 MSF office building
NEW YORK, January 16, 2012 — Jones Lang LaSalle has completed a new, direct lease for Alterra USA Holdings Limited with building owner SL Green Realty Corp. at 1185 Avenue of the Americas. The insurance firm signed a long-term lease for 27,342 square feet of commercial office space at the Class A, 1.1 million-square-foot office tower.
The tenant, Alterra USA, was represented by Scott Cahaly, senior vice president, with Jones Lang LaSalle. The building owner, SL Green Realty Corp., was represented in-house by Howard Tenenbaum, executive vice president, and Gary Rosen, senior managing director.
“Alterra USA sought to combine operations previously at two separate locations in Manhattan,” said Cahaly. “The space at 1185 Avenue of the Americas was ideal for the insurance firm, as it provided Alterra with a single, centrally located office in a building boasting a prestigious tenant roster. Jones Lang LaSalle was able to achieve a cost-effective transaction for the client in a high-end office property owned and operated by a quality landlord.”
Alterra USA will occupy the entire 16th floor at 1185 Avenue of the Americas, which is located between West 46th and West 47th streets.
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 financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
George Shea, Mark Faris - Shea Communications