Money men double up at 245 Park.
The firm renewed its existing lease for 19,021 square feet on the 41st floor and expanded an additional 19,800 square feet on the 42nd floor. The combined total of 38,821 square feet is for a lease term of 15 years.
Cushman & Wakefield's John Isaacs together with CB Richard Ellis' Alan Desino and Mary Ann Tighe represented tenant Vestar in the transaction, while the building's owner, Brookfield Properties, was represented in-house by Jerry Larkin.
"It's significant that Vestar is virtually doubling in size with this commitment," said Mr. Desino, "because it's further proof that the economy is undergoing a sustained recovery and this will effect job growth."
"Vestar has experienced very significant growth over the last decade," said Cushman & Wakefield's Mr. Isaacs, who has represented Vestar for 15 years. "We were able to arrange very favorable terms, based partly on market conditions, and partly on the landlord's desire to capture Vestar's growth within the building."
Other tenants at the 44-story 1.6 million-square foot tower include JPMorgan Chase, Major League Baseball, the Xerox Corporation, Heidrick & Struggles, and Verizon. Vestar is renovating the 42nd floor and will take occupancy during 2005.
"We are delighted to continue our relationship with such a prestigious firm," said Dennis Friedrich, President & COO of Brookfield's U.S. Commercial Operations. "It is particularly gratifying when one of our tenant's business is growing significantly and we are able to accommodate that expansion within our portfolio."
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Oct 13, 2004|
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