Strategic communications agency signs 15-year renewal transaction; continues to occupy entire fifth floor, leases entire fourth floor at building
NEW YORK, NY – March 23, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed a 20,362-square-foot renewal transaction for Peppercom Inc. at 470 Park Avenue South. The strategic communications agency signed a 15-year lease renewal at the Class A, 290,000-square-foot building.
The tenant was represented by James P. Quinn, managing director, along with Gary Youm, senior vice president, and Ryan Masiello, leasing associate, all with Jones Lang LaSalle’s New York office. The building owner, TIAA-CREF, was represented by Greg Smith, senior vice president, with JRT Realty Group Inc.
“Peppercom’s lease was set to expire but it wanted to remain at its present location,” said Quinn. “The strategic communications agency previously occupied non-contiguous space at the building. We were able to work with the building owner to renew Peppercom’s lease while arranging for a full floor of contiguous space on the fourth floor. The transaction met the real estate and financial objectives of the firm.”
Peppercom leased 20,362 square feet at 470 Park Avenue South for 15 years and will continue to occupy the entire fifth floor. The strategic communications agency will also occupy the entire fourth floor at the building, which is located between East 31st and East 32nd streets.
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 2009 global revenue of $2.5 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 1.6 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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
