Tishman Speyer Completes Over One Million Square Feet of NY-Area Leases in December | Announcements | Tishman Speyer


Tishman Speyer Completes Over One Million Square Feet of NY-Area Leases in December

New York, NY January 6, 2010

Tishman Speyer today announced it completed approximately 1.05 million square feet of New York–area office lease transactions in December 2009. The leasing volume is a single-month record for the firm’s regional operations.

Among the transactions:

• Publishing giant Simon & Schuster signed a five-year lease extension for over 292,000 square feet at 1230 Avenue of the Americas in New York City’s Rockefeller Center. The transaction extends Simon & Schuster’s presence at the property, which began in 1976, through 2019.

The future lease extension underscores Rockefeller Center’s continuing dominant position in midtown Manhattan’s office market and its enduring reputation as the world’s best-known commercial property. The landmark complex consists of approximately 7 million rentable square feet in 11 Art Deco buildings with unique, internationally recognized architectural features. Encompassing the six square blocks between Fifth Avenue and the Avenue of the Americas, from 48th to 51st Streets, Rockefeller Center is not only a place of business, but also a premier destination for world-class shops, restaurants, tourist attractions and entertainment venues.

Simon & Schuster was represented in the transaction by Scott Gottlieb, Michael R. Laginesta, Andrew Sussman and Michael Wellen of CB Richard Ellis. Tishman Speyer’s Calvin Farley and Ted Koltis represented ownership.

• The Prudential Insurance Company of America signed an estimated 225,000-square-foot lease renewal for 10 years at 200 Wood Avenue South—a three-story office building located at The Offices at Metropark in Iselin, N.J. The lease transaction extends Prudential’s major presence at the site, which began over 30 years ago.

The Offices at Metropark is located at an ideal labor intercept site, at the confluence of major highways and mass transportation. Located directly off of the Garden State Parkway, the property is within minutes of major highways, including Routes 1 and 9, Interstate 287 and the New Jersey Turnpike. The Metropark Train Station provides direct service to Manhattan and Philadelphia, along with rail access to the entire East Coast of the U.S.

Prudential was represented in the transaction by David Arena, Michael Gottlieb, Jeff Kolodkin and Marty Cottingham of Grubb & Ellis. Along with Calvin Farley, Tishman Speyer’s Blythe Kinsler and Todd Silverman represented property ownership.

• CB Richard Ellis, the world’s largest commercial real estate services firm, signed a 125,000-square-foot lease renewal and relocation at 200 Park Avenue. The firm, which provides a broad array of services to real estate owners, investors and occupiers worldwide, has been a tenant at the property—also known as the MetLife Building—since 1987 and will remain there through 2025.

Stretching from East 43rd Street to East 45th Street with direct access to Grand Central Terminal, the 58-story 200 Park Avenue opened in 1963 as the renowned Pan Am Building. From the start, it has been one of New York City’s most famous and recognized buildings, and home to many large and well-known corporations. Fully modernized, it consists of 3 million square feet of office and retail space with an adjacent six-story parking garage and many first-class on-site and nearby amenities.

CB Richard Ellis was represented in-house, while Ted Koltis and Megan Sheehan of Tishman Speyer represented ownership.

• Fashion design firm Michael Kors signed a lease renewal to remain at 11 West 42nd Street in New York City until 2025, and to expand from approximately 62,000 square feet to over 90,000 square feet beginning in 2012. The firm has been located at the property since 2003.

The historic 11 West 42nd Street is located between Fifth Avenue and Avenue of the Americas, facing New York’s Bryant Park and the New York Public Library. It is within easy walking distance of Grand Central Station, Times Square and Penn Station. The 32-story, 932,000-square-foot building features unique architecture, classic interior design elements, magnificent views of the park, and a wealth of nearby amenities.

Michael Kors was represented in the transaction by Glenn Markman and Danielle Zimbaro of Cushman & Wakefield. Tishman Speyer’s Greg Conen and Calvin Farley represented building ownership.

• As previously reported, Gibson Dunn & Crutcher, LLP signed a lease renewal and expansion at 200 Park Avenue. Under the transaction terms, the prominent global law firm will occupy over 260,000 square feet at the landmark property through October 2031. The firm previously occupied approximately 192,000 square feet at the building.

Rob Speyer, Tishman Speyer’s President and Co-CEO, commented, “The transactions announced today were executed in the face of continuing market challenges and, in some cases, fierce competition from other properties in the region. Our leasing team’s successes reflect both the quality of the buildings and their outstanding locations.”

About Tishman Speyer (www.tishmanspeyer.com)

Tishman Speyer is one of the leading owners, developers, operators and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York’s Rockefeller Center and Chrysler Center, Berlin’s Sony Center, and Torre Norte in São Paulo, Brazil.