IDB renews lease at 90 John Street.
Adam Leshowitz, Jamie Jacobs and Robert Sattler of Newmark Knight Frank represented the owner, The Moinian Group, while Jeffrey Heller of Cushman & Wakefield represented the tenant in the transaction.
During the late 1980s end early 1990s, IDB Communications emerged as a rising giant in the telecommunications industry, giving chase to telecommunications heavyweights AT&T Co., MCI Communications Corp., and Sprint Corp. Originally founded as a mobile satellite services company, IDB diversified during the 1980s, branching into several broadcasting niches through its four subsidiaries, IDB Systems, IDB Broadcast, IDB Mobile and IDB WorldCom. Together, these subsidiaries offered a variety of services to international and domestic customers and made IDB a company of special interest to both investors end competitors in the telecommunications industry.
"We are proud to continue our longstanding relationship with The Moinian Group and to preserve IDB Communications long-standing status as a primary tenant of 90 John Street," said Mr. Leshowitz of Newmark Knight Frank. "IDB Communications has had a long-term presence in this well-located asset end we are pleased to be able tot arrange their renewed commitment to 90 John Street."
Located just a few blocks from the South Street Seaport, 90 John Street can be accessed from most major subway lines. The building features a renovated lobby, 24/7 access, an on-site building management office and an in-house parking garage. There's a freight entrance on Plait Street. The building can accommodate large floor loads end offers extensive electrical capacities.
Communications and other high-tech firms are also attracted to 90 John Street for its convenient connectivity, fiber network and proximity to multiple communications and data networks.
"IDB Communications recommitment to 90 John Street reaffirms the building's position as a destination for high-tech end communications companies looking for both convenient access for employees and proximity to high-speed fiber networks," said Kimia Shadrokh, senior associate director of The Moinian Group. "The Moinian Group is delighted that IDB has chosen to remain at this Class A Downtown Manhattan address."
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|Title Annotation:||DEALS & DEALMAKERS|
|Comment:||IDB renews lease at 90 John Street.(DEALS & DEALMAKERS)|
|Publication:||Real Estate Weekly|
|Date:||Sep 1, 2010|
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