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Equity signs up three new tenants at Tower.

Equity Office has completed three new lease transactions at Tower 56, a 33-story boutique office building located in the heart of Midtown Manhattan's Grand Central area.

The three companies committed to more than 17,000 square feet of space at the property all signing long-term commitments.

"We continue to see increased activity among small to mid-size companies, particularly at Tower 56 primarily due to the building's size and flexible floor plates, as well as its ideal location in close proximity to Midtown's major transportation arteries and amenities," said Don Huffner, senior vice president of Equity Office's New York Region.

"As confidence in the economy and the overall business market strengthens, the emergence of hedge fund start-up companies is becoming more visible, and we're also seeing growth among a variety of other industries." Among the new tenants signing at Tower 56 was Vicis Capital LLC, a traditional volatility hedge fund, which committed to a 5,930-square-foot lease on the seventh floor. Vicis was represented by Ethan Rice of Staubach Company in the lease negotiations. In addition, Neptune Capital Management, Inc. leased 2,030 square feet of office space in a transaction arranged by Jonathan Schindler of Colliers ABR.

Finally, Ellen Grauer, a court-reporting agency, has signed a new long-term lease for 3,210 square feet of space on the fifth floor. Matt Leon of Newmark & Company Real Estate, Inc. represented Ellen Grauer in the transaction.

Leasing Director Joseph Artusa represented Equity Office in all of the above transactions.

Located in Midtown Manhattan, Tower 56 is blocks away from Grand Central Terminal and Manhattan's most prestigious neighborhoods. The 33-story "boutique" building has approximately 180,000 s/fof Class A office space with 5,250 s/f floor plates.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 5, 2005
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