Firm to lease, market entire 10-floor, 301,000-SF office building on West Side in Midtown
NEW YORK, NY – April 15, 2011 – (RealEstateRama) — Jones Lang LaSalle has been selected by building owner KBS Realty Advisors Inc. as exclusive leasing agent for 619 West 54th Street. The company will be responsible for commercial leasing and marketing efforts at the Class A, 301,000-square-foot office building.
The Jones Lang LaSalle team overseeing the leasing assignment at 619 West 54th Street is led by Matthew Astrachan and Mitchell Konsker, vice chairmen, and includes Edward DiTolla, senior vice president, and Alexis Tener, associate.
“KBS Realty Advisors recently completed renovations to 619 West 54th Street, including a completely redesigned lobby and upgraded infrastructure,” said Astrachan. “The property, which offers a tenant-controlled HVAC system, has as much as 62,000 square feet of contiguous office space available. The office building represents the only option for cost-conscious tenants looking for institutionally owned and operated Class A, Midtown office space in the $20s per square foot.”
The 10-story, 301,000-square-foot 619 West 54th Street is located between 11th and 12th avenues on the West Side in Midtown, directly across from De Witt Clinton Park. The office property currently has more than 53,000 square feet of office space for lease, with 8,907 square feet available on a portion of the second floor, 13,290 square feet on a portion of the sixth floor and the entire 31,811 square feet on the eighth floor.
KBS Realty Advisors recently completed two transactions totaling 64,000 square feet at 619 West 54th Street. The Rogosin Institute signed a new, direct lease for 32,000 square feet on the fourth floor and Warner Music Group inked a lease renewal for 32,000 square feet on the ninth 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 KBS Companies
Founded by Peter Bren and Charles J. Schreiber, Jr. in 1992, KBS is one of the nation’s largest buyers of commercial real estate and structured debt investments, having completed approximately $20.0 billion in transactional volume since its inception. KBS Realty Advisors has created six institutional commingled funds, fourteen separate accounts with public and corporate pension funds, and five sovereign wealth funds. KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS’ publicly registered non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate and structured debt as KBS pension fund and institutional partners. Since 2006, KBS has formed five non-traded REITs that have acquired over $5.8 billion in real estate.
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 $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Contact:
George Shea, Mark Faris
Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
