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Firm completes 5 new, direct deals for Blackstone Group at Class A, 253,418-SF office building; fills 130,000 SF of available space in past 18 months
NEW YORK, October 8, 2013 — Jones Lang LaSalle has completed five new, direct transactions, totaling 44,568 square feet, for Blackstone Group LP-owned Equity Office Properties at 1140 Avenue of the Americas. Starwood Property Trust Inc. and CityMD each leased 12,750 square feet; Dabroes Management LP took 8,500 square feet; and Bow Street LLC and King & Grove Hotels each signed for 5,284 square feet at the Class A, 253,418-square-foot, commercial office building.
The building owner was represented by Douglas Neye, senior vice president, and David Wassel, associate, with JLL. They worked closely with Jessica Kanfer, leasing manager, with Equity Office Properties.
“The success of our leasing efforts at 1140 Avenue of the Americas demonstrates the strength of the Bryant Park submarket and the impact a modern building with state-of-the-art infrastructure can have in Manhattan,” said Neye. “The building was roughly 25 percent occupied prior to its repositioning by ownership in 2011, and we are now approaching 90 percent occupancy. The move-in ready, high-end, pre-built office units continue to be well received by the tenant and brokerage communities. They offer a bright, airy feel that has resonated with our target audience. The tenant roster that we have established is very strong.”
Starwood Property Trust signed a lease for 12,750 square feet and will occupy the entire fifth floor at 1140 Avenue of the Americas, which is located between West 44th and West 45th streets. The commercial mortgage REIT is consolidating a number of different business units from offices in and around Manhattan into the building. Starwood Property Trust was represented by Robert Martin, vice chairman; Gil Ohls, managing director; and Matt Felice, associate, with JLL.
CityMD inked a lease for 12,750 square feet and will occupy the entire 11th floor at the building. The urgent care provider will house its New York headquarters at 1140 Avenue of the Americas. CityMD was represented by Sinclair Li, senior vice president, and Sam Seiler, vice president, with CBRE Inc.
King & Grove Hotels completed a lease for 5,284 square feet and will occupy a portion of the 15th floor at 1140 Avenue of the Americas. King and Grove Hotels was represented by Robert Martin, vice chairman; Brad Lane, vice president; and Matt Felice, associate, with JLL.
In addition, Dabroes Management and Bow Street completed leases for 8,500 square feet and 5,284 square feet, respectively. Dabroes will occupy the entire 20th floor, while Bow Street will occupy a portion of the 16th floor. Both firms are relocating from other buildings in the Bryant Park area.
Approximately 31,250 square feet of office space remains available at 1140 Avenue of the Americas, comprising the entire 12,750-square-foot sixth floor, the entire 10,000-square-foot 19th floor, which includes a large, usable terrace; and the entire 8,500-square-foot 21st floor.
Along with the Starwood Property Trust, CityMD, Dabroes, Bow Street and King & Grove Hotel deals, JLL has completed a total of 130,000 square feet in transactions at 1140 Avenue of the Americas over the past 18 months. Other recent deals include City National Bank taking approximately 28,000 square feet of office and flagship retail space. The bank recently opened its flagship branch at the building. In addition, Knighthead Capital Management LLC and Waterfall Asset Management LLC each leased 12,750 square feet; Almanac Realty Investors LLC signed for 9,811 square feet; and Grace Beauty took 7,466 square feet.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 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