CB Richard Ellis' Stephen Eynon, director of leasing at the building, tells GlobeSt.com the transportation consulting company is both new and not new to 350 Fifth. "A few years ago, they purchased a firm, Lichtenstein Engineering, which was located here," he says. "I don't believe TranSystems previously had a presence in New York City." The seven-and-a-half-year lease on the ninth floor more than doubles the existing 4,000-square-foot space occupied by Lichtenstein.
In a release, Eynon says a determining factor in TranSystems' expansion at the ESB was "our in-house capability to construct the space on behalf of the tenant. The combination of capability and financial commitment to pre-builts and build-to-suits helped solidify the deal." The iconic tower has also undergone more than $500 million in capital improvements.
TranSystems, which is headquartered in Kansas City, MO, was represented in lease negotiations by CBRE VP Joseph Mangiacotti. Asking rents at 350 Fifth are in the mid-$50s per square foot.
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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.
