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News release

NEW YORK, NY

JLL Completes 8 Leases for Shorenstein at 850 Third Avenue in New York

Companies sign for a total of 129,194 SF in transactions at Class A, 600,000-SF office building; JLL leases nearly 20% of building in past three months


NEW YORK, January 04, 2016 — JLL has completed eight transactions, totaling 129,194 square feet, for building owner Shorenstein Properties LLC at 850 Third Avenue, leasing more than 20 percent of the building in the past three months. Shearman & Sterling LLP leased 40,100 square feet, Kaplan Fox & Kilsheimer LLP took 23,737 square feet, TouchTunes Music Corp. signed for 23,399 square feet, Pegasus Capital Advisors L.P leased 13,752 square feet, CIFG Holding Ltd. took 8,660 square feet, Hodes Weill & Associates signed for 8,645 square feet and ABG Sundal Collier Inc. leased 5,571 square feet and Options Information Technology LLC took 5,330 square feet at the 600,000-square-foot, Class A office building.

Shorenstein was represented in all eight transactions by Matthew Astrachan, vice chairman, Mitchell Konsker, vice chairman, and Matthew Polhemus, vice president, all with JLL.

“Shorenstein has made significant investments into the redevelopment and modernization of 850 Third Avenue, and they run a Class A operation” said Astrachan. “As evidenced by the nearly complete lease-up of the building, tenants appreciate 850 Third Avenue’s efficient floor plates and expansive window line. In addition, 850 Third Avenue is located just a block away from the 53rd Street Subway Station, which offers direct access to Grand Central Terminal, Port Authority Bus Terminal and Penn Station, all from two subway lines.”

“We’ve invested significantly in improving this building to expand its image as a desirable corporate location for a broad range of tenants,” said Ronnie Ragoff, senior vice president of asset management, with Shorenstein. “We are delighted with the response our work has received.”

Shearman & Sterling LLP signed an extension for 40,100 square feet and will continue to occupy the entire fourth floor at 850 Third Avenue, which is located between East 51st and East 52nd streets in Midtown Manhattan. The law firm was represented by James Quinn, managing director, and Gary Youm, senior vice president, with JLL.

Kaplan Fox & Kilsheimer LLP completed an extension for 23,737 square feet and will continue to occupy the entire 14th floor at the office building. The law firm was represented by Michael Monahan and Mark Ravesloot, vice chairmen, with CBRE.

TouchTunes Music Corp. inked an extension expansion for 23,399 square feet and will occupy the entire 15th floor at 850 Third Avenue. The interactive entertainment platform previously occupied a portion of the 15th floor. The tenant was represented by Neil King, senior vice president, with CBRE.

Pegasus Capital Advisors L.P. signed a new lease for 13,752 square feet and will occupy the entire 18th floor at the office building. The private equity investment company is relocating to 850 Third Avenue from its previous offices at 505 Park Avenue. The tenant was represented by Keith Caggiano and Roshan Shah, senior vice presidents, with CBRE.

CIFG Holding Ltd. completed a lease renewal for 8,660 square feet and will continue to occupy a portion of the 10th floor at 850 Third Avenue. The insurance company was represented by Scott Vinett, executive vice president, with JLL.

Hodes Weill & Associates inked an extension and expansion for 8,645 square feet and will occupy a portion of the 16th floor at the 850 Third Avenue. The boutique real estate advisory firm is relocating to its new space from its previous offices on the building’s 15th floor. The tenant was represented in-house.

ABG Sundal Collier Inc. signed a new lease for 5,571 square feet and will occupy a portion of the ninth floor at the office building. The investment banking firm is relocating to 850 Third Avenue from its previous offices at 535 Madison Avenue. The tenant was represented by Howard Hersch, managing director, and Justin Haber, associate, with JLL.

Options Information Technology LLC completed a lease for 5,330 square feet and will occupy a portion of the 13th floor at 850 Third Avenue. The information technology service provider previously occupied a portion of the ninth floor. The tenant was represented by Sam Seiler, first vice president, with CBRE.

The 21-story office tower totals 600,000 square feet, was designed by Emery Roth & Sons and constructed in 1961. Shorenstein recently completed a capital improvement program at the office building, with the work including a new lobby and upgraded elevators. The building owner also enhanced the property’s infrastructure to meet U.S. Green Building Council standards for Leadership in Energy and Environmental Design Gold Certification for Existing Building Operations and Maintenance. The office tower currently has 5,202 square feet that offers terrace access available on the top floor of the building.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,000 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2014, the New York tri-state team completed approximately 22.8 million square feet of lease transactions, arranged investment sales transactions valued at more than $5.4 billion, managed projects valued at $7.6 billion, and oversaw a property management, facilities management and agency leasing portfolio exceeding 163 million square feet.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 58.2 million square feet; the company’s current portfolio totals 24.8 million square feet.

About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.