Silverstein Properties, CalSTRS select Jones Lang LaSalle team to lease up 47-floor, 1 MSF trophy office tower
NEW YORK, NY – February 9, 2012 – (RealEstateRama) — Jones Lang LaSalle’s New York office was selected by co-owners Silverstein Properties Inc. and the California State Teachers’ Retirement System as exclusive commercial office leasing agent for 1177 Avenue of the Americas. The company will be responsible for commercial office leasing and marketing at the Class A, 1 million-square-foot trophy office building.
The Jones Lang LaSalle team representing Silverstein Properties and CalSTRS in the leasing assignment is led by Frank Doyle and Paul Glickman, vice chairmen, and includes Peter Riguardi, president of the New York tri-state region; Cynthia Wasserberger; managing director; Randy Abend, vice president; and Benjamin Bass, associate. The team will work closely with Roger Silverstein, executive vice president of leasing; and Jeremy Moss and Joseph Artusa, senior vice presidents, with Silverstein Properties.
“Silverstein Properties and CalSTRS have launched an extensive re-development program for 1177 Avenue of the Americas that will thoroughly modernize the building,” said Glickman. “The office building’s unique silhouette and superior amenities continues to draw prestigious tenants from a wide variety of industry sectors. The office tower provides unparalleled access to shopping, entertainment and cultural options, and all three of Midtown’s transportation hubs — Grand Central Terminal, Pennsylvania Station and Port Authority.”
The 47-floor 1177 Avenue of the Americas office tower is located in the Times Square area on Sixth Avenue between West 45th and West 46th streets. The property was designed by Swanke Hayden Connell Architects and construction was completed in 1992.
Moed de Armas & Shannon Architects is developing plans to re-design the building lobby and exterior arcade at 1177 Avenue of the Americas. The project scope includes lighting and design enhancements, a modernized lobby desk and tenant signage program, and new address identification integrated into the distinctive architecture. These new features will complement the lobby’s soaring 45-foot ceilings, which will be completed in 2012.
Approximately 248,479 square feet of Class A office space is available at 1177 Avenue of the Americas in three separate contiguous blocks. A company leasing two or more floors at the building will be able to achieve tenant identity in the lobby.
The first block of contiguous space, totaling 150,000 square feet, comprises the second floor through the sixth floor, with base floor plates of approximately 33,628 square feet. The second section, totaling 76,875 square feet, comprises the 34th floor through the 38th floor, with tower floor plates of about 15,375 square feet. The typical slab height for these floors at 1177 Avenue of the Americas is 12 feet 3 inches, allowing for a finished ceiling height of about 9 feet 2 inches, with the sixth floor offering an above-standard slab height of 15 feet 8 inches.
The building’s penthouse, the 11,644-square-foot 46th floor and the 9,960-square-foot 47th floor, forms the third block of contiguous office space. The penthouse floors will be delivered demolished, and may be leased individually. The 47th floor boasts a slab height of nearly 26 feet and unparalleled views of Manhattan in all directions.
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 2011 global revenue of $3.6 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 2.1 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 $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
