Lease terms were not disclosed; asking rents for comparable properties in the Grand Central district range from the low- to high-$50s per square foot. UGL Equis' Greg Espach, who led the team representing the commonwealth, says in a release that the renewal "comes at a signal moment in today's real estate market to reduce occupancy costs and secure the long-term presence of the mission and consulate."
Espach led negotiations on the commonwealth's behalf with UGL's Daniel Nack. UGL's Dirk Hrobsky and Chris Helgesen provided executive oversight in representing the tenant. A CB Richard Ellis team of Edward Goldman, Scott Gottlieb and Rocco Laginestra represented Hiro.
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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.
