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Firm inks four direct deals, three renewals, totaling 18,877 SF, at Class A, 292,968-SF office building; fills nearly half of available space at The Berkeley Building in past eight months
NEW YORK, September 11, 2013 — Jones Lang LaSalle has completed four new, direct transactions and three renewals, totaling 18,877 square feet, for Deka Immobilien GmbH at 19 West 44th Street, also known as The Berkeley Building. Communications Media Inc. signed for 6,029 square feet, Science Friday Inc. leased 4,725 square feet, Forst Consulting and Architecture PLLC took 3,964 square feet, and Kyobo Life Insurance Co. Ltd. signed for 729 square feet. In addition, Benefit Concepts Systems Inc. renewed 1,540 square feet, Chris Haircutters renewed 1,070 square feet, and Joan Boyce Ltd. renewed 820 square feet at the Class A, 292,968-square-foot commercial office building.
The building owner, Deka Immobilien, was represented in all seven transactions by Barbara Winter and Bill Korchak, executive vice presidents, with JLL. The team worked closely with Real Estate Capital Partners, which serves as the asset manager of the building for Deka Immobilien.
“Since acquiring 19 West 44th Street several years ago, Deka Immobilien has invested significant resources in a major upgrade of the building,” said Winter. “Tenants from a diverse range of industries have been attracted by the improvements and its excellent location. The Berkeley Building provides great city views in all directions and close proximity to mass transportation.”
Communications Media completed a five-year lease for 6,029 square feet and will occupy a portion of the eighth floor at 19 West 44th Street. The pharmaceutical media services firm is relocating to the building from its previous offices at 1250 Broadway. Communications Media was represented by Albert Duryea, president and principal, and Tina Duryea, tenant representative, with New York Realty Group Inc.
Science Friday signed a seven-year lease for 4,725 square feet and will occupy a portion of the fourth floor at the building. The weekly science public radio talk show is relocating to The Berkeley Building from its previous offices at 4 West 43rd Street. Science Friday was represented by Michael Plavin, vice president, with Cresa New York.
Forst Consulting and Architecture PLLC inked a 10-year lease for 3,964 square feet and will occupy a portion of the sixth floor at 19 West 44th Street. The architectural firm is relocating to the building from its previous offices at 211 East 43rd Street. Forst Consulting and Architecture was represented by Charles E Lawrence III, president, at Lawrence Real Estate Enterprises Inc.
Kyobo Life Insurance Co. Ltd. completed a three-year lease for 729 square feet and will occupy a portion of the fifth floor at the building. The insurer is opening a new office in Manhattan at The Berkeley Building. Kyobo Life was represented by Alexander Schwartz, director, with First New York Realty Brokers LLC.
Benefit Concepts Systems renewed its lease for 1,540 square feet at 19 West 44th Street for one year and will continue to occupy a portion of the fourth floor. The benefit consulting firm was represented in-house in the transaction.
Chris Hair Cutters renewed its lease for 1,070 square feet at the building for one year and will continue to occupy a portion of the ground floor at The Berkeley Building. The barbershop was represented by Josh Goldman, senior director, with Cushman & Wakefield Inc.
Joan Boyce renewed its lease for 820 square feet at 19 West 44th Street for three years and will continue to occupy a portion of the fourth floor. The fine jewelry designer was represented in-house in the transaction.
JLL was named as exclusive commercial office leasing agent, property manager and project manager at 19 West 44th Street in late 2012. Property management services at The Berkeley Building are overseen by Matt Duthie, managing director, with Matthew Kirby-Smith serving as general manager of the building. Project management services are headed by Joseph Buxbaum, associate project manager.
The 18-story 19 West 44th Street has approximately 30,000 square feet of office space available throughout the building in suites that range from 725 square feet to more than 7,000 square feet. Floor plates at the property are typically slightly more than 17,000 square feet.
The office building is located between Fifth and Sixth avenues in Midtown, a few blocks from Bryant Park and Grand Central Terminal. Constructed in 1917, The Berkeley Building was designed by Starrett & Van Vleck. Deka Immobilien is in the midst of a capital improvement program for the building, with the work being overseen by Jones Lang LaSalle’s PDS group. The effort will include a variety of pre-built units, as well as upgrades to the building lobby, entry and infrastructure.
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 The Deka GroupDekaBank is the German Savings Bank Finance Group’s central asset manager and the biggest provider of open-ended property funds in Germany. The Deka Group comprises DekaBank and its subsidiaries. With assets under management totalling approximately €177bn as at 30 June 2013 (based on the statistics of the German Investment Funds Association, BVI) and around four million managed securities accounts, the Deka Group ranks among Germany’s major securities service providers.
The Deka Group’s global property expertise is pooled in its Asset Management Property business division. Capital investment companies Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH manage and service fund assets in excess of €24.5bn (as at 30 June 2013), jointly with service company Deka Immobilien GmbH. DekaBank’s property financing department is the second key element within the business division and generates a new business volume of some €2.5bn.
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 $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications