Office tenants take space at new MoMA tower.
Two distinguished tenants have committed to separate floors in The Museum of Modern Art's new office tower currently being offered by CB Richard Ellis (CBRE).Designed by the internationally acclaimed architect, Yoshio Taniguchi, the boutique office tower has its own entrance for office tenants, and is located within the recently opened office building next to the Museum at 25 West 53rd Street.
Lloyd's, the world's leading specialist insurance market, is moving its New York City headquarters to 5,000 square feet on the 14th floor. Protege Partners LLC, a leading alternative investment firm founded by Jeffrey Tarrant and Ted Seides, has leased the entire 15th floor comprising 9,350 square feet.
The CBRE team consisting of Roy Appel, Susan Kahaner, Megan Sheehan, Greg Sundel and Mary Ann Tighe acted for the landlord, MoMA, in both transactions. CBRE's Matthew McBride represented Lloyd's, while Robert Emden, Stephen Gordon and David Emden of USI represented Protege Partners. MoMA occupies the base floors of the building and following these two transactions and additional leases currently being negotiated, only 15,000 square feet of office space remains available at the 16-story property.
Formerly housed at 590 Fifth Avenue, Lloyd's selected The Museum Office Building because of its excellent Midtown location and prestigious image.
Protege Partners, who required additional expansion space due to continued growth, will relocate from One Rockefeller Plaza. The firm also wanted premises that reflected the nature of its high-end financial business and clientele.
"We are very excited that such esteemed tenants as Lloyd's and Protege Partners have selected The Museum Office Building among many other possible options," said Ms. Tighe. "The space is unique with floor to ceiling windows, a northern exposure with exceptional views, very fitting for the image that both tenants wanted to convey."
Ms Kahaner added, "Since the Museum opened its doors again on November 20th, we have had unprecedented activity among a diverse group of upscale financial firms and cultural organizations. We are confident that the commitment of both Lloyd's and Protege will spark even further interest to lease the remaining floors."
Wendy Baker, President of Lloyd's America, commented on the move, "As one of the world's leading insurers of fine art, it is fitting for Lloyd's US headquarters to be based in the home of one of the world's foremost museums of modern art. We are privileged to have our name associated with MoMA, a lovely place for my guests and me to spend a lunch hour."
"We are excited to have MoMA as our new corporate home," said Jeffrey Tarrant, President of Protege Partners. "It is an honor for us to be tenants of a world-class building at a world-class institution."
"The building is as compelling as the art displayed below and is well-suited for high-end tenants seeking first-class office space in a boutique environment," said Protege's broker Robert Emden. "We were happy to introduce the building to Protege Partners knowing how well the building met its needs."
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| Title Annotation: | Museum of Modern Art |
|---|---|
| Publication: | Real Estate Weekly |
| Geographic Code: | 1USA |
| Date: | Jan 26, 2005 |
| Words: | 492 |
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