Fund manager takes 25,000 s/f on Madison.Trammell Crow Company announced that it has secured a nine-and-a-half-year sublease for 25,030 square feet at 590 Madison Avenue on behalf of The Galleon galleon, oceangoing warship used by the European naval powers in the 15th and 16th cent. A large, cumbersome vessel, the galleon was three-masted and square-rigged, usually with two decks, and with its main batteries in broadsides. Group. Vice President Dirk Hrobsky of Trammell Crow Company represented Galleon's interests in the transaction. Rapid growth within the organization put a strain on operational efficiencies as back office operations were separated from Galleon's core business unit and were ultimately housed on a different floor at its current location at 135 E. 57th Street. "Understanding Galleon's need for critical adjacencies, we performed an exhaustive search for viable alternatives, weighing all factors including the residual value Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. of each option's existing build-out, ceiling heights for trading areas, back-up electrical platform, and sufficient supplemental cooling systems cooling systems for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used. ," said Hrobsky. The thirteen-year-old hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" found exactly what they were looking for on the 34th floor of the IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) building--a state-of-the-art infrastructure, an efficient and flexible floor plate, and ample generator capacity--all at a rate significantly less than the current market. The 43-story building also features a glass-enclosed garden plaza and a 100-space parking garage. Other building tenants include IBM, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Smith Barney and Nippon Express. Currently, asking rents on a direct basis are quoted at approximately $110 per square foot. The sub-landlord for the space, Ladenburg Thalmann, a New York-based diversified financial services firm, was represented by Cushman & Wakefield. Founded in 1993, The Galleon Group manages a series of funds that specialize in the technology and healthcare industries. Currently, The Galleon Group manages five different long/short equity funds: technology, healthcare, new media (internet), communications and life sciences. |
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