Firm to oversee office leasing, marketing at 35-story, 300,000-SF office building in Midtown
NEW YORK, NY – September 16, 2011 – (RealEstateRama) — Jones Lang LaSalle was selected by Princeton International Properties Corp. as exclusive leasing agent for 150 East 52nd Street, also known as Tower 52. The company will be responsible for commercial leasing and marketing efforts for the Class A, 300,000-square-foot office building.
The Jones Lang LaSalle team overseeing the office leasing assignment is led by Scott Panzer, vice chairman, along with Howard Hersch, vice president, and Jeff Fischer, associate. The group will work closely on the assignment with David A. Tawfik, principal, and Robert Benedetto, executive vice president, of Princeton International Properties.
“Princeton International Properties is planning a significant capital investment to 150 East 52nd Street that will include an interior pre-built program and a major upgrade of the building’s lobby,” said Panzer. “The architectural firm of Montroy Andersen DeMarco has created an arresting design for Tower 52’s pre-built spaces that will provide tenants with clean, modern and productive workspaces. These units will offer space users with a truly turnkey solution — pre-built offices in move-in condition, with the potential to be delivered fully furnished.”
The pre-built suites will feature full glass office fronts, rich woodwork, contemporary carpeting, progressive and efficient lighting, distinctive hardware and fully equipped pantries. Tower 52’s pre-built units can be customized to meet a variety of unique tenant requirements.
“Jones Lang LaSalle is highly respected in the Manhattan real estate community for the expertise of its brokers and the quality of the services it brings to the table,” said Tawfik. “The company is committed to working with Princeton International Properties to enhance the image of Tower 52 as a top-notch office building in Manhattan’s most desirable submarket.”
Princeton International Properties is also commencing the multimillion-dollar redevelopment of Tower 52’s lobby and entranceway. The lobby upgrade project was designed by Steve Rowland of architectural firm SRA Group LLC of New York, with input and consulting services from Riccardo Bichara, the renowned Italian architect, and Michael Keith of The Michael Keith Design Group. The effort will comprise upgraded HVAC system, elevators and infrastructure systems, along with a full cosmetic upgrade that will extend out into the building plaza.
The 35-floor 150 East 52nd Street office building is located in Midtown’s Plaza District between Lexington and Third Avenues. The property was designed by Fox & Fowle Architects, P.C. and constructed in 1983.
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 70 countries from more than 1,000 locations worldwide, including 200 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
About Princeton International Properties
Princeton International Properties Corporation is a privately owned, New York City based property investment firm that was established in 1982. Its operating entities have owned managing interests in all types of income producing properties — some of the commercial office buildings include Tower 52 at 150 East 52nd Street, 232 Madison Avenue, 650 First Avenue and North Shore Plaza.
Princeton is a tightly knit, hands-on organization, implementing all its management and financial services in-house. The Principals of the Company are involved in all aspects of the firm’s operations and deploy its own full-time construction team for property renovations and improvements, resulting in an efficient and streamlined enterprise.
For more about Tower 52 and Princeton International Properties, please visit our websites at www.Tower52NYC.com or www.PrincetonProp.com.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
