Money men double up at 120 W 45th Street.
In a lease transaction just shy of 25,000 square feet, which clearly underscores the continuing growth trend among financial service firms, Pzena Investment Management LLC is doubling in size at 120 West 45th Street, a.k.a. Tower 45.Studley's Executive Managing Director Ken Ruderman along with his colleagues Managing Director John A. Johnson and Assistant Director Nicholas Farmakis represented the tenant in its long-term lease commitment. The same team represented Pzena in their initial lease negotiations at Tower 45 in 2003 when they leased the entire 34th floor. This transaction involved the lease surrendering for that floor in exchange for acquiring the 20th and 21st floors.
"Regarding their office space setup, our client was experiencing growth needs earlier than they originally expected. After researching the market place, we found the most attractive alternative would be to do a relocation within Tower 45 which would allow both landlord and tenant to continue their very fine existing relationship." said Mr. Ruderman. "We arranged for Pzena to surrender its lease to Reckson, eliminating a potential sublease scenario, while at the same time having Reckson, construct space for our client in the same manner they originally did on their initial floor."
Glenn Isaacson of CB Richard Ellis acted as agent for the landlord, Reckson Associates Realty Corp. along with Reckson's Senior Vice President of Leasing, Robert Fink.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the "conflict-free" business model of representing only tenants.
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| Title Annotation: | Pzena Investment Management |
|---|---|
| Publication: | Real Estate Weekly |
| Article Type: | Brief Article |
| Geographic Code: | 1USA |
| Date: | May 18, 2005 |
| Words: | 251 |
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