X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Chalk up another major deal for Insignia/ESG, which in the past two weeks has unveiled major lease signings around town. The latest is for 85,000 sf at Insignia’s own HQ building–200 Park Ave.

The tenant is Mitsui & Co.–one of the 40-year-old building’s original tenants–which has re-upped for 85,000 sf for the next 15 years. The lease begins immediately, over-riding the current deal, which is set to expire in 2005.

The deal was handled exclusively by the brokerage firm, and Derrick Ades, Ken Meyerson and Bruce Weinberg spoke for the tenant while Keith Caggiano, Jon Zuckerman and Stephen B. Siegel represented the building owner, MetLife. The firm has been handling the management and leasing duties on its headquarters building since November of 2001, when San Francisco-based Shorenstein bowed out.

Terms of the deal were being kept under wraps, but sources familiar with the deal have placed the Mitsui agreement between $55 and $60 per foot. Rents in the 2.8-million-sf 200 Park have been placed in the mid $60s.

Insignia has made some splashy deals around town of late–especially in the lower Manhattan subsector. These include the nearly 500,000 sf Insignia landed for Health Insurance Plan of New York and the 157,000-foot deal it carved out for Teachers’ Retirement system, both at 55 Water St.

Management and leasing for 200 Park came for Insignia at the same time as the 425,000-sf foot Fred F. French Building at 551 Fifth Avenue. Shorenstein had both buildings in its portfolio for about decade prior to the switch.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.