Midtown tenant heads downtown in search of value for money.

Colliers ABR, Inc. announced that GovernanceMetrics International, Inc. (GMI), an independent corporate governance research and rating agency, has signed a seven-year lease for 6,000 s/f at 55 Broadway in a move that will bring the firm from midtown to downtown Manhattan.

Robert Billingsley, vice chairman, and Tim Kucha, director, both of Colliers ABR, represented GMI in the transaction. Daniel M. Blanco, principal and director of leasing and Jill Burrowes, leasing associate at Broad Street Development represented 55 Broadway.

"This transaction is yet another example of a Midtown firm seeking better value Downtown," said Bob Billingsley. "GMI was able to lease substantially better space at a lower cost by relocating to Lower Manhattan."

55 Broadway is a 32-story Class A office tower located on the northeast corner of Broadway and Exchange Place. Built in 1981, the property was renovated in 1987 and has undergone additional capital improvements in the past five years to upgrade its existing infrastructure. The building offers tenants exceptional light, air and sweeping views, with 10,000 square-foot floor plates easily divisible for multi-tenant use, while also providing full-floor occupancy to a number of prestigious firms.

"We looked at 17 properties and this was the only one at which we actually met the landlord," said Gavin Anderson, chief executive officer, GMI. "It was refreshing to be able to talk directly to the owner, who understands and respects tenants' needs in their building. Clearly the management cares about and has hands on involvement with the tenants."

Added Blanco, "We're extremely pleased to have a firm of this caliber join our growing tenant roster at 55 Broadway. The building's flexible offices, superior infrastructure and technological capabilities, continues to attract companies from all over the City who recognize the value and opportunity this property provides."