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Jones Lang LaSalle represents Silverstein Properties in 10-year lease of 33,626 SF at Class A, 1 MSF commercial office building; firm achieves 150,000 SF in deals signed at building
NEW YORK, June 24, 2013 — Jones Lang LaSalle has completed a new, direct lease for building owner Silverstein Properties with the Weather Channel at 1177 Avenue of the Americas in New York. The broadcast organization signed a 10-year lease for 33,626 square feet of commercial office space at the Class A, 1 million-square-foot office building.
Lease negotiations were handled by Roger A. Silverstein, executive vice president; and Joe Artusa, senior vice president, with Silverstein Properties, together with Paul N. Glickman, vice chairman; Cynthia Wasserberger, managing director; and Benjamin Bass, associate, all with JLL. The tenant, Weather Channel, was represented by Marcus Rayner, managing principal, and Ed Wartels, vice president, of Cresa New York.
"We are delighted to welcome The Weather Channel to our roster of tenants at the 1177 Avenue of the Americas," said Silverstein. "Last year, our company worked with The Weather Channel on a successful program called 'Iron Men' about iron workers at 4 World Trade Center. We look forward to making their transition into our building as smooth as possible."
"The combination of strong ownership and extraordinary infrastructure, including abundant generator power and 16-foot ceiling heights on the sixth floor, made this a very appealing choice for the Weather Channel,” said Glickman. “The recently completed lobby and exterior improvements only further enhanced the appeal of this building.”
The Weather Channel will occupy the entire sixth floor at the office tower, which is located on Sixth Avenue between West 45th and West 46th streets. The broadcaster is relocating to 1177 Avenue of the Americas from its previous offices at 205 East 42nd Street.
Including the Weather Channel deal, JLL has completed five new, direct transactions, totaling 150,000 square feet of office space, for Silverstein Properties at 1177 Avenue of the Americas. In 2012, JLL inked a 70,000-square-foot lease with Practising Law Institute for a portion of the second floor and fourth floor, and the entire third floor of the building. In addition, the firm recently secured a 15,000-square-foot deal for Seer Capital Management LP on the 34th floor; a 15,000-square-foot lease for Metalmark Capital LLC on the 40th floor; and a 15,000-square-foot expansion for Drinker Biddle & Reath LLP on the 38th floor. 1177 Avenue of the Americas has full-floor opportunities available along with pre-built office units on select tower floors.
The full JLL team representing the building includes Glickman; Frank Doyle and Mitti Liebersohn, vice chairmen; Wasserberger; Randy Abend, vice president; and Bass. This team also represented Silverstein Properties in the Practising Law Institute, Seer Capital, Metalmark Capital and Drinker Biddle & Reath transactions.
The recently completed renovations to the lobby and exterior were designed by Moed de Armas & Shannon Architects, included lighting and design enhancements, a modernized lobby desk and tenant signage program, and new address identification integrated into the distinctive architecture. These new features complement the lobby’s soaring 45-foot ceilings.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.
About Silverstein PropertiesSilverstein Properties, Inc. (SPI) is a privately-held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by President and CEO Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. On behalf of principals, investors and financial partners, SPI has developed, owned and managed more than 35 million square feet (3.2 million square meters) of commercial, residential and retail space.
SPI has USD 10 billion worth of development activities underway, including rebuilding the commercial office space at the World Trade Center, one of the largest public-private developments ever undertaken. The company recently developed and opened Silver Towers, the largest residential rental development in New York. The company has been recognised as one of the “Best Places to Work in New York City” by Crain’s New York Business for the past four years. For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications