Private investment firm to occupy entire 10th floor through 12th floor, 14th floor at Class A, 720,000-SF office tower
NEW YORK, NY – July 27, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed a new direct lease for building owner Eastgate Realty with Cerberus Capital Management LP at 875 Third Avenue. The private investment firm signed a 10-year lease for 110,000 square feet at the Class A, 720,000-square-foot office building.
The building owner was represented by Paul Glickman, vice chairman, and Diana Biasotti, senior vice president, both with Jones Lang LaSalle’s New York office. The tenant was represented by Stephen Siegel, chairman, and Amanda Bokman, first vice president, with CB Richard Ellis Inc.
“This building is one of the premier office towers on Third Avenue and offers state-of-the-art amenities,” said Glickman. “Ownership was able to provide Cerberus Capital Management with 20 percent more space at 875 Third Avenue than its previous location. With a large quantity of contiguous, pre-built and furnished space available and a spectacular four-story internal atrium, the building was an ideal choice for the private investment firm.”
Cerberus Capital Management signed a direct lease for 110,000 square feet and will occupy four entire floors — the 10th floor through 12th floor and the 14th floor — at the 875 Third Avenue, which is located between East 52nd and East 53rd streets. The private investment firm is relocating to the 29-floor property from its existing offices at 299 Park Avenue.
With the lease signed by Cerberus Capital Management, 875 Third Avenue is over 98 percent leased. The building has 11,969 square feet of office space on the sixth floor remaining available.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,700 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2010, the New York tri-state team completed approximately 17 million square feet in lease transactions, completed capital markets transactions valued at $861 million, managed projects valued at more than $5.8 billion, and oversaw a property and facilities management portfolio of 83.5 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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 more than $43 billion of assets under management. For further information, please visit our website, http://www.joneslanglasalle.com/.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
