NEW YORK CITY-As a byproduct of pursuing a growth strategy amid a downturn, architecture/engineering/construction firm HAKS Engineers has outgrown its current space at the Trump Organization’s 40 Wall St. Therefore, it’s adding 10.675 square feet to its existing 33,426 square feet in a 10-year lease expansion and extension.
The construction management, engineering, architecture, land surveying and material-testing firm has occupied the entire 11th floor of the 72-story Downtown office tower since 2004. HAKS’s expansion to part of the fourth floor entails a build-out of turnkey space by Trump, which has also provided a work letter covering upgrades to the existing space, according to a release.
Having positioned itself to take advantage of the Obama administration’s stimulus program, HAKS has hired “100 people across all disciplines over the past year,” CFO Shahid Akhtar says in the release. “We expect to add more people in our construction management division as a result of the additional public-sector work.”
Most of the new hires are in the field, but the expanded management team will be occupying the additional 40 Wall space, says Akhtar. The two leases are coterminous; asking rents at the 1.3-million-square-foot property range from $35 per square foot on lower floors upward to $47 per foot.
Studley represented HAKs in lease negotiations, with executive managing director Marc Shapses, managing director Jason Schwartzenberg and senior managing director Joseph Messina all part of the team. In a statement, Shapses says the deal “came at a good time for my client. We have locked in desirable lease rates for the next 10 years.”
Independent consultant Jeffrey Lichtenberg and a CB Richard Ellis team that included SVP Adam Foster, EVP Bradley Gerla, senior associate Michael Higgins, first VP Gregg Rothkin and senior financial analyst Rima Shpolyansky represented Trump. Attorneys involved in the deal were Howard Rubin of Geotz Fitzpatrick LLP for the tenant and George Ross, in-house counsel for the landlord.
Last month, two additional leases were signed at 40 Wall. Telstra, a telecommunications company, renewed and expanded a 10-year lease for 14,497 square feet on the property’s 43rd and 44th floors and shipping company Brokerage & Management Corp. signed on for 9,263 square feet on the 48th floor.
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