In a release, Douglas Winshall, EVP of landlord Taconic Investment Partners, says the deal "speaks to the strength of the 111 Eighth Ave. brand." He adds that the three-million-square-foot property, which is fully occupied, is "a key reason" for the strength of the Chelsea/Meatpacking District.
Because 111 Eighth is fully leased, Taconic worked with the floor's current occupant, United Jewish Communities, to make arrangements for UJC to surrender its space there and sign a new lease for available space Downtown, according to the release. CB Richard Ellis vice chairman Brian Gell, who represented Taconic, says in the release that credit is due to Taconic, Lifetime and UJC "for being able to negotiate such a complex, three-party deal in the current market environment." Lifetime is relocating from Worldwide Plaza at 825 Eighth Ave.
The network, whose holdings include Lifetime Television and Lifetime Movie Network, was represented by CBRE vice chairmen Scott Gottlieb and Michael Laginestra, SVP Joan Meixner, and Fred Fackelmayer, senior financial analyst with CBRE Consulting.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
