The CB Richard Ellis team of Adam Foster and Melissa Bazar negotiated the long-term lease renewal on behalf of Raymond & Feldman, while Peter Resnick represented the building owner, Jack Resnick & Sons, in the negotiations. The renewal price was not disclosed.
Foster says the firm investigated several alternatives before choosing to remain in the 37-story tower. "This deal enabled Raymond & Feldman to avoid the capital-intensive and disruptive process of relocating to new premises, while the landlord was able to perpetuate its cash flow from these floors in light of a large block of space being vacated by the building's anchor tenant, Bloomberg LP, late next year," adds Foster.
In addition to Raymond & Feldman, other tenants at the property are Bloomberg LP, Clarins Group USA and the Olnick Organization. Retail tenants include the New York Public Library and LA Gourmet.
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