Group makes big downtown move.
Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. has completed several new transactions, totaling 104,688 square feet, for American Arbitration Association at 120 Broadway and 150 East 42nd Street.
The global leader in conflict management signed two direct leases, totaling 53,514 s/f, with Silverstein Properties Inc. and a sublease with Banco Popular for 26,174 s/f at 120 Broadway, and another 25,000 s/f direct lease with Hiro Real Estate Co. at 15 East 42nd Street.
The tenant, American Arbitration Association, was represented in all transactions at 120 Broadway by Brian Higgins and Chris Kraus, managing directors, with JLL JLL Jones Lang LaSalle (real estate service and investment management firm)
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The team worked closely with Francesco Rossi, CFO See Chief Financial Officer. , with American Arbitration Association; and Bradley Kaufman, partner, with the real estate group at law firm Pry or Cashman LLP.
The building owner, Silverstein Properties, was represented in-house by Roger Silverstein, executive vice president of leasing, and Joseph Artusa, senior vice president. The sublandlord, Banco Popular, was represented by Hal Stein, managing principal, and Jim Landsaw, managing director, with Newmark Grubb Knight Frank.
"This complex deal was the result of an extensive search throughout Manhattan to consolidate American Arbitration Association into one location," said Kraus. "Downtown just became so economically attractive to the company that they were compelled to consider a relocation from Midtown."
"American Arbitration Association was drawn to 120 Broadway's classic architecture, as well as its large floor plates and unusual spaces," said Higgins. "The historic building was also much better suited for the kind of open-space space layout preferred by the firm."
In late 2012, Higgins and Kraus also completed a 15-year direct lease totaling 25,000 s/f for the American Arbitration Association at 150 East 42nd Street.
Scott Gottlieb, vice chairman; Rocco Laginestra, senior vice president; and Brian Dooley, associate, with CBRE CBRE CB Richard Ellis (real-estate firm)
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CBRE Coldwell Banker Richard Ellis (Boston, MA) Inc. represented building owner Hiro Real Estate Co. in the transaction.