Jones Lang LaSalle
City loses one and wins one
As a firm that serves financial institutions leaves Manhattan for New Jersey, a growing online company is taking over its location.
The Bisys Group Inc. is relocating to new headquarters in Roseland, N.J., and online company Quigo Technologies Inc. is taking over its lease for 28,000 square feet at 90 Park Ave. The lease at the property, between East 39th and East 40th streets, runs out in October 2008.
"Quigo needed to double the size of its offices because it is experiencing explosive growth," says Sacha Zarba, a senior associate at CB Richard Ellis, which represented the tenant.
Quigo now occupies 12,000 square feet at 11 W. 42nd St., between Fifth and Sixth avenues.
The sublease rent at 90 Park is approximately half the building's asking rent of $55 per square foot, according to Mr. Zarba. Quigo was willing to sign a short-term lease because it wants to have the option of moving into larger offices in 2008.
Meanwhile, Bisys decided that it belonged across the river.
"The executive board made a decision that it was more advantageous to be in New Jersey," says Todd Deavers, vice president of real estate and purchasing for Bisys. United Systems Integrators Corp. represented Bisys in the transaction.
--Julie Satow
City loses one and wins one
As a firm that serves financial institutions leaves Manhattan for New Jersey, a growing online company is taking over its location.
The Bisys Group Inc. is relocating to new headquarters in Roseland, N.J., and online company Quigo Technologies Inc. is taking over its lease for 28,000 square feet at 90 Park Ave. The lease at the property, between East 39th and East 40th streets, runs out in October 2008.
"Quigo needed to double the size of its offices because it is experiencing explosive growth," says Sacha Zarba, a senior associate at CB Richard Ellis, which represented the tenant.
Quigo now occupies 12,000 square feet at 11 W. 42nd St., between Fifth and Sixth avenues.
The sublease rent at 90 Park is approximately half the building's asking rent of $55 per square foot, according to Mr. Zarba. Quigo was willing to sign a short-term lease because it wants to have the option of moving into larger offices in 2008.
Meanwhile, Bisys decided that it belonged across the river.
"The executive board made a decision that it was more advantageous to be in New Jersey," says Todd Deavers, vice president of real estate and purchasing for Bisys. United Systems Integrators Corp. represented Bisys in the transaction.
--Julie Satow
posted by Jones Lang LaSalle NJ News Blog at 9:53 AM
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