Australian insurers lease 154,000 s/f.In a deal strategically timed to take advantage of downtown's market conditions, QBE Insurance QBE Insurance Group Limited ASX: QBE is an Australian based general insurance provider, providing insurance services mainly to the Asia Pacific region, but also America and Europe. It has offices in 44 countries. Group, Australia's largest international general insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. company, has signed a long-term lease for a total of 154,000 s/f to maintain its Americas Divisional headquarters at Wall Street Plaza. CB Richard Ellis's Eric S. Yarbro, senior vice president; Jonathan Cope, first vice president; and David Burton, associate, represented QBE (Query By Example) A method for describing a database query originally developed by IBM for mainframes. A replica of an empty record is displayed and the search conditions are typed in under their respective columns (fields). the Americas in the multifaceted renewal and expansion negotiations. Frank Cento and Robert A. Constable of Cushman & Wakefield acted on behalf of the building ownership, Orient Overseas Associates. The firm renewed its 57,000 s/f lease and expanded its presence in the property located at 88 Pine Street by taking an additional 76,000 s/f of office space. In addition to the lease component, CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) arranged for QBE the Americas to occupy approximately 21,000 s/f of space on separate floors temporarily while its existing premises are being completely redesigned "Our client wanted to maintain its downtown headquarters, but required additional space for a newly-acquired entity," said Yarbro. "We were able to work closely with the ownership's reps to fashion a deal that made the best sense for all parties involved." QBE the Americas' president & chief executive officer Tim Kenny remarked, "Our roots are based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , so we're very pleased with the opportunity to continue to maintain our headquarters here while also welcoming Praetorian into our space." The transaction encompassed several unique aspects since QBE the Americas required the additional space to house its existing employees as well as the Praetorian Financial Group, a property and casualty insurance company it acquired in December 2006. The new offices will reflect QBE the Americas' unique image and will provide the international company with the ideal platform to expand its market presence in the US and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . This new lease will also bring approximately 200 QBE employees to the area, providing another major boost to Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North . "Downtown's dramatic rent differential compared to Midtown, coupled with the City and State's Lower Manhattan initiatives helped in QBE the Americas' decision to expand its presence in the property," added Yarbro. Built in 1973 and designed by the renowned architecture firm I.M. Pei & Associates, Wall Street Plaza is a 32 story, Class A office tower located in the heart of downtown's Financial District. In addition to QBE Reinsurance, the property is home to a number of high-profile law firms and financial tenants including Ford Marrin Esposito Witmeyer & Gleser, L.L.P., The Holborn Corporation, Shepardson Stern & Kaminsky, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Willis North America Inc. |
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