Lease terms were not disclosed; asking rents for comparableproperties in the Grand Central district range from the low- tohigh-$50s per square foot. UGL Equis' Greg Espach, who led the teamrepresenting the commonwealth, says in a release that the renewal"comes at a signal moment in today's real estate market to reduceoccupancy costs and secure the long-term presence of the missionand consulate."


Espach led negotiations on the commonwealth's behalf with UGL'sDaniel Nack. UGL's Dirk Hrobsky and Chris Helgesen providedexecutive oversight in representing the tenant. A CB Richard Ellisteam of Edward Goldman, Scott Gottlieb and Rocco Laginestrarepresented Hiro.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and 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.