Media and analytics firm renews 11,289 SF on 35th floor, expands occupancy by 6,761 SF on 34th floor at Class A office building
NEW YORK, NY – July 6, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed a renewal and expansion totaling 18,050 square feet for 650 Fifth Avenue Co. with Integrated Media Solutions LCC at 650 Fifth Avenue. The direct response media and analytics firm signed a renewal transaction for 11,289 square feet and a lease expansion for 6,761 square feet at the Class A, 395,000-square-foot office building.
The building owner was represented by James P. Quinn, managing director, along with Gary Youm, senior vice president, and Randy Abend, vice president, all with Jones Lang LaSalle’s New York office. The tenant, Integrated Media Solutions, was represented by Jordan Mandel and Frederick Kane Marek, principals, with the Vortex Group.
“The ownership of 650 Fifth Avenue has launched a capital improvement program, having recently completed infrastructure enhancements that included refurbished elevators, and is planning the renovation of the lobby,” said Quinn. “Integrated Media Solutions preferred to remain at the high-end office building but required additional office space for its expanding workforce. Working with the building owner, Jones Lang LaSalle was able to secure contiguous expansion space for the tenant on the floor directly below its existing space on the 35th floor.”
Integrated Media Solutions signed a six-year lease renewal for 11,289 square feet and will continue to occupy the entire 35th floor at 650 Fifth Avenue, which is located between West 51st and West 52nd streets in Midtown. In addition, the direct response media and analytics firm expanded its occupancy by 6,761 square feet for 10 years on the 34th floor of the building. The lease term for the tenant’s offices on the 35th floor is coterminus with the expansion space on the 34th floor.
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
