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60 Broad nears full occupancy.

With over a dozen leases comprising over 100,000 square feet of office space recently consummated, 60 Broad Street is now over 97 percent leased and nearing the finish line as of the most successful repositioning efforts in recent memory.

"Its just been phenomenal," asserts Richard Mandel, president of Kennedy-Wilson International's commercial group, who noted that only one full floor of 12,264 square feet remains available in the elite "Tower at 60 Broad Street," along with about 9,000 square feet of pre-built units.

Acquired less than two years ago by Kennedy-Wilson International and Honk Kong partner Pioneer Holdings, the new owners undertook a sweeping $60 million renovation program that literally transformed the million square-foot structure into two separate and distinctive buildings -- a tower with premium space on floors 24 to 39, and a 23-story base, with a separate entrance at 25 Beaver Street, that houses government offices.

The latest lease signings -- all in the tower portion of 60 Broad -- include a 24,458 square-foot commitment by Guardian Life Insurance for the entire 32nd and 33rd floors; a 21,086 square-foot lease for Fagenson & Company, Inc., the stock exchange firm headed by Robert Fagenson, former vice chairman of the New York Stock Exchange; and separate leases for over 12,000 square feet each for Shipowners Claims Bureau, a major casualty insurer, and Net2OOO Communications, a leading high tech firm.

Smaller units were also leased by V. Brown & Company, Inc., a financial advisor to music and sports celebrities; Bond Technologies, Inc., financial consultants; Echo Environmental, environmental consultants; Marshall & Stevens, Inc., a national financial valuation firm, Canal + (U.S.), Inc., a European software firm; National Leasing, Inc.; Ambrose Employer Group, LLC and the International Securities Exchange, which is expanding to over 42,000 square feet in the building by also leasing the 28th floor.

According to Mandel, virtually all of the recent leases were for 10 years with either turnkey installations or cash contributions for work. He said that all tenants in the buildings, which has been fiber optic wired for high speed communications and Internet access, enjoy the tax benefits of both the Lower Manhattan Revitalization Program and the Industrial and Commercial Incentive Program, as well as reduced electric rates afforded by the Lower Manhattan Energy Program and Business Incentive Rate.

Cushman & Wakefield is the exclusive leasing agent for 60 Broad Street, which was originally built for RCA and was one of the first modern skyscrapers to rise in New York's Financial District.
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Title Annotation:building almost fully leased
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 17, 2000
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