Firm secures four new direct deals, two renewals for building ownership
NEW YORK, NY – February 22, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed four new direct leases and two renewal transactions for William Macklowe Company at 400 Madison Avenue in Manhattan, with all six deals totaling 18,589 square feet. The new leases include Edge Technology Group LLC signing for 3,740 square feet, Atlantic-Pacific Capital Inc. taking 3,414 square feet, Equator LLC leasing 2,706 square feet and Healthcare Value Capital LLC signing for 2,700 square feet. In addition, Radius Ventures LLC renewed its 3,865-square-foot lease, and Security Asset Management Inc. renewed its lease for 2,164 square feet at the 200,000-square-foot office building.
William Macklowe Company was represented in all six transactions by Cynthia Wasserberger, managing director, and Randy Abend, vice president, both with Jones Lang LaSalle’s New York office. The 22-story, Class A office building is located in Midtown between East 47th and East 48th streets.
“The building continues to outperform other office properties in its competitive set,” said Wasserberger. “Tenants have been drawn to the quality of the Macklowe pre-built spaces as well as the owner’s hands-on approach. In addition, 400 Madison Avenue provides a wealth of amenities to attract boutique office users, including on-site management, dedicated video conference rooms and favorable overtime HVAC rates.”
Edge Technology signed a five-year lease for 3,740 square feet at 400 Madison Avenue and will occupy a portion of the fourth floor. The tenant was represented by Paul Formicelli, senior vice president, with Jones Lang LaSalle’s New York office.
Atlantic Pacific inked a 10-year lease for 3,414 square feet at the building and will occupy a portion of the 11th floor. The tenant is relocating to 400 Madison Avenue from 535 Fifth Avenue. Atlantic Pacific was represented by David Berke, salesperson, with Cushman & Wakefield Inc.
Equator agreed to a three-year lease for 2,706 square feet at 400 Madison Avenue and will occupy a portion of the 14th floor. The tenant was represented by Oliver Lloyd, associate, with Jones Lang LaSalle’s New York office.
Healthcare Value signed a three-year lease for 2,700 square feet at 400 Madison Avenue. The tenant, which previously occupied space on the 16th floor of the building, will now occupy a portion of the 10th floor. The tenant was represented by Wasserberger, Abend and Alexis Tener, associate, also with Jones Lang LaSalle’s New York office.
Radius Ventures renewed its lease for 3,865 square feet at the building for five years and will continue to occupy a portion of the ninth floor. The tenant was represented by Brian Steinwurtzel, managing director, and Allen Gurevich, director, with Newmark Knight Frank.
Security Asset Management renewed its lease of 2,164 square feet at the building and will continue to occupy a portion of the fifth floor. The tenant dealt directly with Wasserberger and Abend in their role as the leasing agents for the building.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2009, the New York tri-state team completed approximately 21 million square feet in lease transactions, concluded property sales transactions valued at more than $1.75 billion, managed projects valued at more than $4 billion, and oversaw a property and facilities management portfolio of 76 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 750 locations worldwide, including 180 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 $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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