C&W brokers major expansion at 1301 Avenue of the Americas.

Cushman & Wakefield announced that the investment banking firm of Wasserstein Perella Group, Inc., has signed a 16-year lease to occupy a total of 180,000 square feet at 1301 Avenue of the Americas.

Wasserstein Perella will move from 31 West 52nd Street, where it occupies 80,000 square feet in a lease from Deutsche Bank, and 27,000 square feet at 320 Park Avenue, where it subleases from Bay Networks. The firm will move to 1301 Avenue of the Americas in 2000 and will occupy floors 35, 36 and 41-45.

Kenneth I. Tuchman, vice chairman at Wasserstein Perella, said, "All Wassersteir professionals in New York will again be under one roof at 1301. We are delighted by the fine job Cushman & Wakefield has done for us and we believe that 1301 will provide a great working environment for our employees. Wasserstein now has also locked in sufficient space to accommodate projected growth for the next several years.

Cushman & Wakefield's Stuart I. Romanoff, executive director, led the leasing team, which included associate directors Amy McBride and Robert Taylor, that represented Wasserstein Perella in this transaction. Romanoff has completed numerous transactions on behalf of Wasserstein Perella, including new leases, lease renewals, consulting and advisory work.

"We are extremely pleased with the results of this transaction. With such limited opportunities for tenants requiring large blocks of available quality space, our due diligence paid off. Wasserstein Perella's expansion needs resulted in a multi-tiered transaction that encompassed finding efficient space in a preeminent Midtown location," said Romanoff.

This multi-tiered transaction began when Cushman & Wakefield was assigned to initially identify a block of Class A office space to serve as Wasserstein Perella's headquarters. The firm researched all available and potential large blocks of space with a focus on the Plaza District of Midtown. After an extensive search, C&W identified 1301 Avenue of the Americas as the best choice. Based on space availability and future growth requirements, the firm was able to secure a total of 180,000 square feet.

The process consisted of on-going research, building analysis and financial analysis and included consideration of eight different Manhattan locations before the decision to relocate to 1301 Avenue of the Americas was made.

"We are extremely pleased that Wasserstein Perella has chosen 1301 Avenue of the Americas as their new home. They complement our building's blue chip roster very well," said Calvin A. Farley, senior director of Tishman Speyer Properties. Additional tenants in the building include PricewaterhouseCoopers, Deutsche Bank, Dewey Ballantine and Credit Lyonnais.

Located on the westerly blockfront between 52nd and 53rd Streets, 1301 Avenue of the Americas, known familiarly as the Credit Lyonnais building, was constructed in 1963. It is comprised of 1,765,494 square feet and is 45 stories tall.