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400,000 s/f DOT lease, another downtown coup.

The City Department of Transportations has a signed a tentative deal for 400,000 s/f at 55 Water Street, a building where it plans to consolidate its many offices.

CB Richard Ellis brokers, Howard Fiddle, Bradley E Gerla, Kenneth D. Rapp and Tom J. Shirocky, are representing owners, New Water Street Corporation, in the transaction.

According to a source familiar with the ongoing negotiations between the Department of Transportation and the building's agents, a term sheet between the two parties has already been signed. While not a contractual obligation, such a document represents a preliminary agreement of the deal's business terms, including such things as rental rates and the types of landlord concessions that will be granted.

"A term sheet is considered a prelude to a deal getting done," the source said.

It took some months for the negotiations to culminate in the current agreement and it is expected for it to take months more for the deal to close.

"It's a city agency, so things go more slowly," said the source.

The Manhattan leasing rumor mill, which seems to be churning at a more rapid pace since last year's fourth quarter pickup in activity, has hinted that two other city agencies have also been shopping for giant blocks of Downtown space. The NYC Comptroller's office purportedly is negotiating a deal for as much as 250,000 s/f at 199 Water Street.

The state's insurance department is also said to be shopping for hundreds of thousands of square feet at 60 Broad Street.

Neither brokers at Jones Lang LaSalle, who represent 199 Water Street, nor 60 Broad Street's agents, Cogswell Realty Group, could be reached by press time.
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Author:Geiger, Daniel
Publication:Real Estate Weekly
Date:Feb 1, 2006
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