Firm completes three-year lease extension; world’s largest produce market agrees to negotiate exclusively with city for nine months to devise long-term deal
NEW YORK, NY – June 8, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed a lease extension for Hunts Point Terminal Produce Cooperative Association Inc. with the City of New York. The world’s largest produce market inked a three-year lease extension for 660,000 square feet of warehouse space on 107 acres of land in the Bronx.
The market was represented by Paul Mas, executive vice president, and Michael Shenot, managing director, both with Jones Lang LaSalle’s New York office, along with a multidisciplinary team that includes members of the firm’s New York and Parsippany, N.J., offices. The City of New York was represented by Seth Pinksy, president, with the New York City Economic Development Corp.
“There has been a great deal of interest in the Hunts Point Terminal Market project,” said Mas. “We are pleased to be part of the effort to bring the two parties together on an agreement that ensures the facility will remain in the Bronx for at least three years. It also allows us to continue to work with the market over the next nine months in the hopes of coming to a mutually agreeable solution with the city to keep this important facility in the Bronx for the long term.”
Hunts Point Terminal Market is a major employer and economic engine in the Bronx, where it operates out of four main refrigerated warehouse buildings of approximately 150,000 square feet each as well as two refrigerated expansion buildings. The market’s 43-year lease expired on May 31, 2011, and the new agreement extends the lease for three years. The market will also negotiate exclusively with the city for the next nine months with the aim of coming to a long-term agreement that will include the construction of a new state-of-the-art facility.
“We are very pleased to have reached a solid agreement with the city,” said Steve Katzman, co-president of the market. “We hired Jones Lang LaSalle primarily because of their ability to combine their industrial expertise and multiple real estate and construction services with their reputation of getting challenging public-private transactions done.”
Mas and Shenot have completed many noteworthy transactions and projects for clients within the public sector, including the Metropolitan Transportation Authority, the Port Authority of New York and New Jersey, the Roosevelt Island Operating Corporation of the State of New York, the United States Postal Service, the New Jersey Economic Development Authority, the City of Newark, the City of Atlantic City and the Casino Reinvestment Development Authority.
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
