Princeton taps PBS for 300,000 s/f Plaza District tower.

PBS Realty Advisors, LLC has been appointed exclusive leasing agent by landlord Princeton International Properties Corp. for 150 East 52nd Street, the 300,000 s/f, Class-A Plaza District building, says John Brod, principal at PBS Realty Advisors, a commercial real estate firm specializing in senior-level strategic services.

Princeton International Properties purchased the property--now called The Tower at 150 East 52nd Street--this past March from Paramount Group. The 35-story building is located between Lexington and Third Avenues and across from the Citicorp building.

"Although PBS already represents more than 1.4 million square feet of office and retail commercial space in Manhattan, The Tower at 150 East 52nd Street is a great milestone for our firm," says Brod, who will lead the leasing team.

"This assignment reflects the strength of PBS's knowledge of the Plaza District office market and our experience in representing landlords. We look forward to doing an outstanding job representing Princeton."

The property has many corners and glass walls, which allow natural light and river views from most of the tower floors. Some of the corner offices on the upper floors offer panoramic views of both the Hudson and East Rivers. Asking rents are expected to be in the range of $60 to $75 per square foot.

"Acquiring this property was a great way for us to capitalize on Midtown's strong leasing market," says David Tawfik, president of Princeton International Properties. "We're looking forward to maximizing the value of the building. We are already working on several upgrades at the building, including the lobby, elevators and common corridors. We're also going to accommodate tenants seeking 2,500 to 5,000 square feet by instituting a pre-built program."

"With quality space becoming increasingly scarce, this building will be well positioned in the Plaza District," says Mr. Brod, who noted that the space is ideal for law and financial firms, as well as other professional service businesses.

"We are extremely excited about representing Princeton as we continue to expand our landlord representation assignments," adds Brod, whose firm also represents Apollo Real Estate, The Adler Group, Belfonti Capital, The Carlyle Group, RedBrick Properties and Alfa Development, among others.

"One of our strengths at PBS is our ability to provide principal-to-principal relationships, which we will utilize with The Tower at 150 East 52nd Street."

Senior managing director Robert Neborak and associate Howard Hersch will assist Mr. Brod in representing the property.