Fried Frank Extends Lease at Trizec's One New York Plaza, Expands to 380,000 Square Feet.
Trizec Properties, Inc. (NYSE:TRZ), one of North America's leading office property owners, today announced that it has completed a 15-year lease extension with prominent international law firm Fried, Frank, Harris, Shriver & Jacobson, LLP at One New York Plaza. Under the lease agreement, which will extend through February 2024, the firm will expand its space from approximately 338,000 square feet to approximately 380,000 square feet.
Trizec also said today that it has approved Morgan Stanley's 450,000-square-foot sublease agreement with existing tenant Wachovia at the same property. The term of the sublease runs through December 2014, which is the remaining term of the Wachovia lease.
One New York Plaza occupancy as of December 31, 2004 was 99.6 percent.
Trizec was represented in the Fried Frank transaction by Executive Vice President Douglas Winshall, who commented, "We are delighted that Fried Frank has chosen to remain and grow in One New York Plaza. The firm has been a valued customer and we look forward to working with them for many more years to come."
Mr. Winshall also said, "One New York Plaza continues to stand tall as the premier office property at Manhattan's southern tip. Fried Frank's and Morgan Stanley's respective decisions to be there are testament to that fact."
"As Fried Frank continues to grow, attracting excellent attorneys and serving clients around the world, we are accommodating this growth in a way that affords us the most flexibility and continuity," said Valerie Ford Jacob, Fried Frank's Chairman.
"The expansion and extension of our lease at One New York Plaza also reaffirms our commitment to Lower Manhattan for today and tomorrow," said Jonathan L. Mechanic, Chairman of Fried Frank's Real Estate Practice.
Located at the intersection of Water and Whitehall streets, One New York Plaza is the southernmost of all Manhattan skyscrapers. Constructed in 1970 and renovated in 1995, the 50-story, 2.5-million-square-foot building is accessible to 13 local subway lines, ferries, a nearby heliport, and a full array of area restaurants and other on- and off-site amenities. The property features unparalleled views of the New York harbor, the East River and Battery Park.
Trizec Properties, Inc., a real estate investment trust (REIT) headquartered in Chicago, is one of the largest owners and operators of commercial office properties in the United States. The Company has ownership interests in and manages a high-quality portfolio of 52 office properties totaling approximately 37 million square feet concentrated in the metropolitan areas of seven major U.S. cities. Trizec's New York-area portfolio totals over 7 million square feet. In addition to One New York Plaza, it includes The Grace Building at 1114 Avenue of the Americas, the World Apparel Center at 1411 Broadway, and Newport Tower in Jersey City. The Company trades on the New York Stock Exchange under the symbol TRZ. For more information, visit Trizec's web site at www.trz.com or call toll free at 1 (800) 891-7017.
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|Date:||Feb 22, 2005|
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