Jones Lang LaSalle
Insurer Takes 50,000-Plus SF
By Barbara Jarvie
NEW YORK CITY-An insurance carrier will make the move from 5 Hanover Square to 75 Broad St. Reliance Insurance has committed to more than 50,000 sf of office space in the JEMB Realty-owned and managed site. The firm occupied over 70,000 sf in its previous home.
Reliance Insurance, which will join such tenants as New World Records and the German-American Chamber of Commerce will take more than 50,000 sf on the 10th floor, as well as a large portion of the eighth floor within the 33-story tower. "The firm sought space in an area known for first-rate financial tenants and 75 Broad St. met all of its requirements perfectly," says Joseph Jerome, principal of JEMB. He adds that they were "impressed with the flexible floor plan and amenities."
Cushman & Wakefield's Mitchell Konsker, Frank Cento and Michael McKenna represented JEMB, while Wes Rudis of Murray Hill repped Reliance. Additional details regarding the lease were not released, but space in the site is advertised at $28 per sf.
"It’s becoming increasingly difficult for firms to find large blocks of space in Manhattan," says Konsker, an executive vice president at Cushman & Wakefield. After a $35-million capital improvement plan, the former site of a tech hotel offers upgraded corridors, high-speed connectivity, a 24-hour security system and a restored lobby, which will soon feature an additional entrance. Now more than 95% occupied, with leases pending on the second and fifth floors, the building has few availabilities, Jerome adds.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited
Insurer Takes 50,000-Plus SF
By Barbara Jarvie
NEW YORK CITY-An insurance carrier will make the move from 5 Hanover Square to 75 Broad St. Reliance Insurance has committed to more than 50,000 sf of office space in the JEMB Realty-owned and managed site. The firm occupied over 70,000 sf in its previous home.
Reliance Insurance, which will join such tenants as New World Records and the German-American Chamber of Commerce will take more than 50,000 sf on the 10th floor, as well as a large portion of the eighth floor within the 33-story tower. "The firm sought space in an area known for first-rate financial tenants and 75 Broad St. met all of its requirements perfectly," says Joseph Jerome, principal of JEMB. He adds that they were "impressed with the flexible floor plan and amenities."
Cushman & Wakefield's Mitchell Konsker, Frank Cento and Michael McKenna represented JEMB, while Wes Rudis of Murray Hill repped Reliance. Additional details regarding the lease were not released, but space in the site is advertised at $28 per sf.
"It’s becoming increasingly difficult for firms to find large blocks of space in Manhattan," says Konsker, an executive vice president at Cushman & Wakefield. After a $35-million capital improvement plan, the former site of a tech hotel offers upgraded corridors, high-speed connectivity, a 24-hour security system and a restored lobby, which will soon feature an additional entrance. Now more than 95% occupied, with leases pending on the second and fifth floors, the building has few availabilities, Jerome adds.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited
posted by Jones Lang LaSalle NJ News Blog at 9:34 AM
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