Studley negotiates leases for commodities brokers.
In the first transaction, Cypress Advisors, Inc. signed a new lease for 14,382 square feet of space at Park Avenue Tower at 65 East 55th Street in Manhattan. The firm occupied space on the building's 19th floor, but will move to the entire 28th floor of this 36-story Class A office building. Cushman & Wakefield represented the building owner.
According to Lemle, "Cypress Advisors' expansion necessitated additional space, but the firm wanted to remain at Park Avenue Tower. We are very pleased, that we could accommodate Cypress' growth within the building in this tight market."
Lemle also represented brokerage York Capital Management in a transaction that more than doubled its presence at 350 Park Avenue. This is the second expansion in the building by York Capital Management in the last five years. Lemle has represented the company each time. Insignia/ESG represented the building owner.
These transactions are especially notable given Midtown Manhattan's Class A vacancy rate of 2.9 percent at the start of the first quarter, according to Studley market statistics.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||May 3, 2000|
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