Firm completes 4 new, direct deals, 2 lease extensions at 22-story, Class A, 200,000-SF office building
NEW YORK, NY – June 26, 2012 – (RealEstateRama) — Jones Lang LaSalle has completed six transactions totaling 17,105 square feet of commercial office space for William Macklowe Co. at 400 Madison Avenue. The firm completed four new, direct deals and two lease extensions at the Class A, 200,000-square-foot commercial office building.
Ownership was represented in all six transactions by Cynthia Wasserberger, Randy Abend and Alexis Tener, all with Jones Lang LaSalle. Duet Group was represented by Ramsey Feher and Arkady Smolyansky with CB Richard Ellis Inc. Bergen Asset Management LLC was represented by Dan Schwartz with Winslow & Co. Eastwind Global Partners was represented by Clyde Reetz and Yuan Tang with CB Richard Ellis. Pacific Crest Securities LLC was represented by Ryan Masiello with Jones Lang LaSalle. Round Hill Music LLC and MainFirst Securities US Inc. were represented in-house.
“We have seen a great deal of interest from tenants in 400 Madison Avenue,” said Wasserberger. “Space users are lured by its terrific location in the heart of Midtown and the boutique nature of the building. William Macklowe Co. is well-known for proactively working with tenants, which is one of the reasons why 400 Madison Avenue enjoys a very high retention rate.”
Round Hill Music inked a five-year lease for 4,500 square feet of office space at 400 Madison Avenue and will occupy the entire 18th floor. The music publishing firm is relocating to the building from its previous offices at 667 Madison Avenue.
Duet Group inked a five-year lease for 3,390 square feet of o ffice space at 400 Madison Avenue and will occupy a portion of the 16th floor. The global alternative asset manager is relocating to the building from its previous offices at 350 Madison Avenue.
Bergen Asset Management signed a lease for 3,095 square feet of office space and will occupy a portion of the 16th floor at 400 Madison Avenue, which is located between East 47th and East 48th streets. The asset management firm is relocating to the building from its previous offices at 370 Lexington Avenue.
Eastwind Global Partners agreed to a three-year lease for 2,562 square feet of office space at 400 Madison Avenue and will occupy a portion of the 12th floor. The equity fund will open its first office in Manhattan at the building.
MainFirst Securities signed a lease extension for 1,800 square feet at 400 Madison Avenue. The financial services firm will continue to occupy a portion of the 11th floor at the building.
Pacific Crest Securities signed a lease extension for 1,758 square feet of office space at 400 Madison Avenue. The investment bank will continue to occupy a portion of the 12th floor at the building.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, completed capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, oversaw a property and facilities management portfolio of 63.6 million square feet, and an agency leasing portfolio of 49.8 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
