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Insurer takes 110,000 s/f at former Deutsche Bank building.

Cushman & Wakefield announced that Financial Security Assurance Inc., a New York-based monoline bond insurer, will relocate its headquarters from 350 Park Ave. to larger space at 31 W. 52nd Street.

The triple-A rated insurer signed a 110,380-square-foot lease for the 25th through the 29th floors, space previously occupied by Deutsche Bank.

Cushman & Wakefield brokerage professionals John Gray, Peter Van Duyne, John Picco and Ed Donnery, represented FSA in its space search and in lease negotiations with Deutsche Bank and the building's ownership, 40 West 53rd Street Associates LP.

Deutsche Bank was represented by Robert Alexander, David Berkey, Douglas Lehman, David Maurer-Hollaender, Peter Turchin, and Alan Wildes, of CB Richard Ellis.

"FSA performed a comprehensive space search to find the ideal office location at the best value," Cushman & Wakefield's Mr. Gray said.

"By entering the market well before its current lease expired, FSA was able to evaluate its options from various criteria and determine what was most important to the firm. Location, quality and value were the key considerations." FSA guarantees principal and interest on municipal and public infrastructure bonds and asset-backed securities issued in markets around the world.

FSA is a wholly owned subsidiary of Financial Security Assurance Holdings Ltd., a member of the Dexia Group. Headquartered in New York, FSA has regional offices in San Francisco and Dallas, a London-based U.K.-licensed subsidiary, Financial Security Assurance (U.K.) Ltd., which has representative offices in Madrid and Paris, and offices in Singapore, Sydney and Tokyo.

Built in 1985 for E. F. Hutton, 31 W. 52nd St. is a 29-story, premier office building totaling about 700,000 square feet.

Its upper floors have views of Central Park and overlook the famous Rockefeller Center ice skating rink. Major tenants include law firm Clifford Chance and Toronto Dominion Bank.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 4, 2004
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