Jones Consolidates with Nearly 83,000-SF Sublease

The CB Richard Ellis team of Robert Martin, Lewis Miller, Ken Meyerson and Michael Wellen arranged the long-term sublease on behalf of Jones. Cushman & Wakefield represented the sublessor, Oppenheimer Funds Inc., a division of MassMutual, in the negotiations. C&W brokers on the deal were Stuart Romanoff, EVP, Amy Fox and David Rowley. Romanoff received the listing when MassMutual returned the Lower Manhattan. Jones will take up the majority of Oppenheimer's 120,000 sf in the site.

Martin says the transaction allowed Jones to relocate, consolidate and have all of its employees situated a short distance from corporate headquarters. "The space features a move-in condition, high-quality installation," he notes. According to Meyerson, Jones was bale to lock-in attractive sublease rents and obtain certain expansion options from Mass Mutual.

The 880,000-sf 498 Seventh Ave., which was built in 1920, was completely modernized through a major capital improvement program. Improvements included a renovated lobby, new elevator cabs and double insulated operable thermopane windows. Space in the site is advertised for between $37 and $60 per sf. Other tenants include Bates Worldwide, Betsey Johnson, Hazen & Sawyer, PC, Interpublic Group and Victoria's Secret.

Last October, Oppenheimer, which had to relocate to 498 Seventh from 2 World Trade Center after the terrorist attacks, announced plans to return to Lower Manhattan and inked a 10-year lease at 2 World Financial.