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NEW YORK CITY-Designed to offset space lost in its 37,000-sf 5 World Trade Center location at Church & Vesey Streets, Borders Books will absorb all retail space available at 100 Broadway for a new 30,000 sf store scheduled to open in fall 2003.

Insignia/ESG’s Edward Goldman, Scott Gottlieb, Michael Laginestra and Gary Trock brokered the long-term deal for owner HIRO Real Estate Co., while Virginia Pittarelli, of the newly formed Madison HGCD, a JV between Madison Marquette and brokerage company HGCD Retail Services, represented Borders.

The federal and state incentives put into place after Sept. 11 made the move financially attractive for the company. “We have been actively dealing with both state and federal agencies to arrange for financial assistance on behalf of Borders,” says Pittarelli. “The incentives will help to achieve a very cost-effective rent for our tenant.”

“We have been very eager to rebuild a downtown branch,” says David A. Rayner, regional real estate director of Borders. “We are keen to participate in the restoration of Downtown and proud that we’ll be serving such an important market.”

A Borders spokeswoman declined comment on the price and lease term. “The value of this deal was commensurate with market rates,” an Insignia/ESG spokesperson tells GlobeSt.com.

Built in 1896, 100 Broadway’s interiors feature oversized marble columns, high ceilings and Victorian moldings. Borders will occupy the first and second floors of the building as well as the basement and mezzanine.

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