The lease, which will encompass offices on the fifth and sixthfloors, has a 16-year term. Asking rent for the space was $58 persf. Brian Given and Steven Jaray of GVA Williams represented OSG.Tishman Speyer Properties owns the building and was representedin-house by Greg Conen.

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For more than two decades, OSG rented 35,000-sf offices spreadover six floors at 511 Fifth Ave. However with the demand for oilbooming, OSG was in need of a much larger headquarters that wouldplace its employees on fewer floors. According to a GVAspokesperson, the company is expecting to bring additionalemployees.

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"It was a challenge to both consolidate and expand OSG's currentspace," Given says. "But the new location is almost twice the sizeof their previous office, yet only takes up two floors. Plus, thenew class A, glass and steel building fits OSG's image as aworldwide leader in crude oil shipping." Other tenants in the32-floor site include American Securities, Salomon Smith Barney andCredit Agricole.

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