Jones Lang LaSalle
Accounting for cheaper rents
A small accounting firm in midtown has been drawn to lower Manhattan by cheaper rent. Padell Nadell Fine & Weinberger has relocated to 59 Maiden Lane, at the corner of William Street, from 156 W. 56th St.
It has signed a four-and-a-half- year sublease for 17,600 square feet at the 44-story building, where the asking rent is $35. The firm was facing a steep rent hike at the 56th Street building, where asking rents are $42 for lower floors.
"The financial district offers great value, with escalating rents in midtown," says Harry Krausman, a managing director at Colliers ABR, which represented the tenant.
The city Department of Finance is an anchor tenant in the downtown building. The space "works perfectly with their needs," Mr. Krausman says.
Lincoln Properties represented the sublessor, Broadview Networks.
--Julie Satow
Accounting for cheaper rents
A small accounting firm in midtown has been drawn to lower Manhattan by cheaper rent. Padell Nadell Fine & Weinberger has relocated to 59 Maiden Lane, at the corner of William Street, from 156 W. 56th St.
It has signed a four-and-a-half- year sublease for 17,600 square feet at the 44-story building, where the asking rent is $35. The firm was facing a steep rent hike at the 56th Street building, where asking rents are $42 for lower floors.
"The financial district offers great value, with escalating rents in midtown," says Harry Krausman, a managing director at Colliers ABR, which represented the tenant.
The city Department of Finance is an anchor tenant in the downtown building. The space "works perfectly with their needs," Mr. Krausman says.
Lincoln Properties represented the sublessor, Broadview Networks.
--Julie Satow
posted by Jones Lang LaSalle NJ News Blog at 10:10 AM
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