Marcus Rayner, principal of Cresa Partners, says the European-based investment firm required "substantially" more space to meet the demands of its growing operations, and it wanted to remain in the Rockefeller Center neighborhood. "Although Rockefeller Center's vacancy rates were extremely low, ownership was very accommodating in structuring a transaction that met AlpInvest's long-term goals," he adds.
Rayner and Ed Wartels, associate at Cresa, represented AlpInvest. Edward J. Gargiulo of Tishman Speyer Properties represented the ownership. Further details of the transaction were not released; however, space in the 1.3-million-sf site is advertised from $61 per sf to $68 per sf. Others on the tenant roster include PricewaterhouseCoopers and Bessemer Securities.
In another transaction, LS Power leased 12,625 sf at 1700 Broadway for 10 years. The firm, which currently occupies space at 494 Eighth Ave., was looking to significantly increase its size and locate a space that could be built out to meet specific requirements, says Rayner. The firm plans to move this fall. Rayner and Wartels represented LS Power. Peter Shimkin, Daniel Levine, and David Falk represented ownership at 1700 Broadway.
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