Legg Mason Takes 200,000 SF at the Times Building

NEW YORK CITY-Global asset management firm Legg Mason and its two subsidiaries, Western Asset Management and ClearBridge Advisors, have agreed to lease approximately 200,000 sf in 1.6-million-sf New York Times Building that is approaching completion at 620 Eighth Ave. With the signing, more than 75% of the 700,000 sf of space owned by Forest City in the building is leased.

Legg Mason, headquartered in Baltimore, is the fourth and largest tenant to lease space from the FCRC portion of the building since leasing began earlier this year. The investment firm and its subsidiaries will occupy floors 45 through 50 and create a roof-top space garden.

"We love their balance sheet and love the fact they are a financial services company," MaryAnne Gilmartin, executive VP of commercial and residential development for FCRC, tells GlobeSt.com. There are four floors remaining in the building. Two floors are contiguous. While not give the prices, she says the remaining contiguous space available, mid-level floors, is going for $100 per sf. "And what Legg Mason took were top floors," she says.

Previously signed tenants are law firms Covington & Burling (160,000 sf), Seyfarth Shaw (100,000sf) and Osler, Hoskins & Hardcourt (64,000 sf).

The Times Building will be the headquarters for ClearBridge Advisors as well as for Legg Mason and Western Asset's New York operations. Western Asset Management Co. specializes in fixed-income management for institutional investors. ClearBridge Advisors is an equity-focused investment management firm. Occupancy is set for fall of 2007.

FCRC was represented by Mary Ann Tighe, Howard Fiddle, Tim Dempsey, Pete Turchin, Matt Preotle and Jason Pollen of CB Richard Ellis. Legg Mason was represented Kenneth D. Rapp, Douglas P. Marlow, Christopher Mansfield and Casey Hirschhorn of CB Richard Ellis.

FCRC owns floors 28 through 52 as well as 21,000 sf of retail space on the ground floor of the Times Building. Also today, FCRC executed an agreement to acquire its financial partner ING Real Estate's interest in building. FCRC and ING said in June that Forest City Ratner would become the sole owner of the 700,000-sf office condominium. The New York Times Co. will own and occupy the rest of the building, which will serve as its corporate headquarters.