Group makes big downtown move.
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.
The team worked closely with Francesco Rossi, CFO, 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 Inc. represented building owner Hiro Real Estate Co. in the transaction.
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|Title Annotation:||DEALS & DEALMAKERS|
|Comment:||Group makes big downtown move.(DEALS & DEALMAKERS)|
|Publication:||Real Estate Weekly|
|Date:||Feb 13, 2013|
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