Jones Lang LaSalle
Investment bank transfers offices
Four sign subleases to fill Third Avenue building; John St. works out for gym Published on February 06, 2006
A French investment bank has rid itself of 135,000 square feet of space at 666 Third Ave.
Calyon--formed when Credit Agricole S.A. acquired Credit Lyonnais S.A. in late 2002--has consolidated its offices at 1301 Sixth Ave. Four separate tenants signed 10-year sublease agreements with Calyon.
The 32-story Third Avenue building, between 42nd and 43rd streets, is fully leased. Midtown sublease space is scarce. In the third quarter of 2005, availability was only 1.4%, a drop of 2 percentage points from the year-earlier quarter, according to Studley.
Electronic brokerage firm Carlin Equities Corp., which was at 1270 Sixth Ave., subleased 52,000 square feet on the eighth floor and part of the seventh floor. The remaining 15,000 square feet on the seventh floor was taken by Grant Thornton, an accounting firm that already occupies 55,000 square feet on the 11th through 13th floors. The Staubach Co. represented Carlin Equities, and Cushman & Wakefield Inc. represented Grant Thornton.
Abelman Frayne & Schwab, a law firm, left its offices at 150 E. 42nd St. for a 34,000-square-foot space on the 10th floor of 666 Third Ave., while insurance firm Genworth Financial consolidated its offices around the city into a 34,000-square-foot space on the ninth floor. Abelman Frayne was represented by Grubb & Ellis New York Inc., and Genworth was represented by CB Richard Ellis.
Each tenant took the space for different reasons, says David Goldstein, an executive managing director at Studley, which represented Calyon. Carlin Equities liked the space because it could use a trading floor left behind by Calyon, while Abelman Frayne and Genworth Financial liked the location along 42nd Street. Grant Thorton was outgrowing its offices in the building.
"We knew there would be great demand for [this space] in today's marketplace," Mr. Goldstein says.
Investment bank transfers offices
Four sign subleases to fill Third Avenue building; John St. works out for gym Published on February 06, 2006
A French investment bank has rid itself of 135,000 square feet of space at 666 Third Ave.
Calyon--formed when Credit Agricole S.A. acquired Credit Lyonnais S.A. in late 2002--has consolidated its offices at 1301 Sixth Ave. Four separate tenants signed 10-year sublease agreements with Calyon.
The 32-story Third Avenue building, between 42nd and 43rd streets, is fully leased. Midtown sublease space is scarce. In the third quarter of 2005, availability was only 1.4%, a drop of 2 percentage points from the year-earlier quarter, according to Studley.
Electronic brokerage firm Carlin Equities Corp., which was at 1270 Sixth Ave., subleased 52,000 square feet on the eighth floor and part of the seventh floor. The remaining 15,000 square feet on the seventh floor was taken by Grant Thornton, an accounting firm that already occupies 55,000 square feet on the 11th through 13th floors. The Staubach Co. represented Carlin Equities, and Cushman & Wakefield Inc. represented Grant Thornton.
Abelman Frayne & Schwab, a law firm, left its offices at 150 E. 42nd St. for a 34,000-square-foot space on the 10th floor of 666 Third Ave., while insurance firm Genworth Financial consolidated its offices around the city into a 34,000-square-foot space on the ninth floor. Abelman Frayne was represented by Grubb & Ellis New York Inc., and Genworth was represented by CB Richard Ellis.
Each tenant took the space for different reasons, says David Goldstein, an executive managing director at Studley, which represented Calyon. Carlin Equities liked the space because it could use a trading floor left behind by Calyon, while Abelman Frayne and Genworth Financial liked the location along 42nd Street. Grant Thorton was outgrowing its offices in the building.
"We knew there would be great demand for [this space] in today's marketplace," Mr. Goldstein says.
posted by Jones Lang LaSalle NJ News Blog at 10:34 AM
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