48,000 s/f deals add up at 40 W5 7th.

Hanley Advisors LLC has arranged 48,000 s/f of new leases at The Lefrak Organization's recently refurbished 40 West 57th Street.

Hanley served as strategic real estate advisor for two ten-year, full-floor leases (24,000 s/f each) for hedge fund 

Sandell Asset Management and Carret, Inc., an asset management firm overseeing $1 billion in investments on behalf of several prominent families.

"Tom Sandell's firm will enjoy completely new space with incredible views of Central Park from 40 West 57th Street's 26th Floor," said James Coleman, president of Hanley Advisors. "The firm will move in mid-summer to an office featuring a large trading area and adequate space for the company's continued growth.

"Next month, Carret will move in to fully built-out space on the 20th floor appropriate to a firm managing the wealth of some of the country's most prominent families."

"While serving as strategic real estate advisor and performing site selection for both of these money management firms, we realized they had identical needs--office space with an upscale image and prominent location, room for expansion and a high-quality landlord," said Steven L. Kaufman, Director with Hanley Advisors.

"We identified 40 West 57th as ideal for both because the property's recent multi-million dollar capital improvements and its Plaza District location make it one of Manhattan's most elite corporate addresses. We were also confident that our clients would be very well-served by the landlord."

In both transactions, The Lefrak Organization was represented by CB Richard Ellis, exclusive leasing agent for the property.