New lease on 42nd St. inked for $52 s/f at 3 Times Square.FTI FTI Free thyroxine index, see there Consulting is moving from its Grand Central location to the bright lights of Times Square, trading its 26,000 s/f office space on 622 Third Ave. for 93,000 s/f in the 3 Times Square building. The 18-year sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. will begin when the company moves during the first quarter of 2005, taking three floors of the building. Just completed in 2001, 3 Times square, known as the Reuters Building, had the space FTI required and many amenities, including a carrier neutral telecom backbone, redundant satellite link areas, high-speed fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber and an infrastructure capable of providing future fuel cell and technology enhancements. Trammell Crow represented FTI in the deal with sub-landlord Instinct, which was downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing . Grubb and Ellis New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Inc. represented Instinet. "We were not able to find enough space to allow for as much growth as we needed," said Dirk Hrobsky, vice president of Trammell Crow Company NYC NYC abbr. New York City NYC New York City , who brokered the deal. "3 Times Square posed a great opportunity in that it's more central to its clients and more central to its own personnel." The building had an additional benefit. "In the deal with Instinet, a fairly cash rich company, there was an opportunity to gain a significant upside in the form of economic incentives," said Hrobsky. The landlord of the building is Rudin Management Company. Rents are reported to be at approximately $52 per s/f. FTI specializes in corporate restructuring and accounting law compliance. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion