The latest move traces back to last summer, when JLL arranged for Datek to assign its 15-year, 409,000-sf lease of the entire 70 Hudson St. to Lehman. Datek then subleased back 250,000 sf from Lehman. Built into that initial sublease was the option for Datek to further reduce its space, automatically assigning it back to Lehman. The new 200,000-sf Datek sublease with Lehman takes effect July 1.
"We negotiated a very favorable sublease agreement for Datek that allows the company to reduce the size of its subleased space as needed," according to Alex Gilbert, SVP of JLL. "By eliminating 50,000 sf of space from its sublease with Lehman, Datek will realize significant cost savings that will contribute to the company's long-term financial stability."
"When we arranged the initial sublease Datek and Lehman, we projected that Datek might not need all 250,000 sf that it subleased," adds Frank Doyle, managing director of leasing and management for JLL. "We wanted to ensure that Datek could give up any unused space whenever needed as a way of eliminating an unnecessary expenditure."
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