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In 6 months, Heron Tower signs 20,000 sf in leases.

Riverbank Realty Company announced lease transactions, totalling more than 20,000 square feet and valued at over $9 million, in Heron Tower.

The marketing and leasing program for these transactions, under the direction of Senior Vice President Paul Glickman, occurred within a six-month timeframe.

Heron Tower is a prominent 143,000-square-foot building featuring an award winning 22-foot cathedral ceiling, in an elegant marble lobby, with impeccably appointed office floors. Heron Tower is located on East 55th Street between Park and Madison Avenues. Glickman and co-agent, Executive Vice President Mitti Liebersohn, exclusively represent the building, which is now 93 percent leased.

Electra, Inc. has signed a lease for the entire 25th floor, an aggregate rental value of approximately $1.2 million was disclosed. This office will serve as the New York headquarters for London-based Electra Investment Trust P.L.C., minority equity investors in private companies. CB Commercial represented the tenant.

Additionally, ITIM Corporation, an advisory investment banking firm, has signed a lease for the entire 23rd floor of Heron Tower. The terms of the lease included over 4,500 square feet of space, with an aggregate rental value of over $1.1 million. Cushman & Wakefield represented the tenant.

Cypress Capital Management Inc. has completed a long-term renewal for the entire 12th floor. The lease provides over 5,600 square feet to the company and has been valued at over $5 million. Cypress Capital is an investment firm advising major blue-chip pensions funds, insurance companies, foundations and public funds

Argent Group Ltd., a boutique investment banking firm, has also renewed its lease on the 19th floor of the building. The terms were not disclosed.

Riverbank Realty Company has been appointed exclusive leasing agent to 228 East 45th Street in New York. The 18-story, 230,000- square-foot building owned by Steinberg & Pokoik, is located between Second and Third Avenues.

A new marketing program is under the direction of Gil Robinov, vice chairman and Susan Kahaner, senior vice president of Riverbank Realty.

The building is located close to both the United Nations and Grand Central Station. Besides targeting tenants which are connected with the U.N. as well as non-profit organizations, the Riverbank team believes that Park Avenue South tenants, who left midtown several years ago due to soaring rental rates, are receptive targets a well.

The building was described by Kahaner as "perfectly positioned in today's economy." The building's recent renovation includes a new lobby, sprinkler system and new thermopaine noise control windows. "It is a simple, no-nonsense, good looking building that provides a safe and sound business environment to the cost-conscious tenant."

Riverbank is marketing over 60,000 square feet of contiguous space, formerly occupied for executive offices by Security Pacific Bank. The major tenant will be offered the opportunity to have the building bear its name.

Formerly a newspaper district, the property and its neighborhood share an interesting ambiance and history. Some of the best restaurants in town including the Palm, Pen & Pencil and Christ Cella's are located closely. The area traditionally attracted writers, publishers and those doing business with the printing world.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:commercial space leased in New York, New York in 1992
Publication:Real Estate Weekly
Date:Sep 30, 1992
Words:513
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