The 10-year lease brings the Proscenium to 95% occupancy, Terry Gilliam of Toronto-based Manulife Financial, the building's co-owner, tells GlobeSt.com. Gilliam declined to disclose the aggregate value of the lease or the average asking base rent range at Proscenium. However, based on fourth quarter 2004 statistics from Richard Bowers & Co., average class A Midtown rents are $23.34 per sf. That would place the estimated aggregate value of the lease at $23 million, one of the largest class A office transactions completed this year, according to area brokers following the market.
Richard Bowers, president and CEO of Richard Bowers & Co., negotiated for Carter's. Manulife and Real Estate Capital Partners of New York paid Trammell Crow Co. $118 million, or $224 per sf, in 2003 for Proscenium. At that time, the building's occupancy stood at 88%, as GlobeSt.com previously reported.
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