Matthew McBride of CB Richard Ellis negotiated the lease renewal and extension on behalf of the government of Ireland; the ownership was self represented. According to McBride, the Mission opted to renew early to protect its tenancy as well as to lock in an attractive rate.
"After an extensive market analysis and several space alternatives, we concluded that the best and most economically viable solution was to extend its lease term at the property, taking full advantage of the current tenant-oriented real estate market," McBride says.
The Permanent Mission of Ireland to the UN will continue to house its diplomatic offices on the entire 19th floor. In addition to the Mission of Ireland, the property also houses the Permanent Missions of France, the United Kingdom, Sweden and Denmark, among others. Last year, the Permanent Mission of France renewed its 33,000-sf lease at the site for an additional six years. It did so four years prior to expiration. Its diplomatic offices are housed on the 43rd and 44th floors.
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