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NEW YORK CITY-Shepardson Stern and Kaminsky signed a 10-year lease for 19,932 sf at 88 Pine St. Lease rates were confidential, however other space in the building is ranging from $34-$39 per sf. Grubb & Ellis Company represented the strategic communications firm, while Cushman and Wakefield represented the landlord in the transaction.

SS&K, which specializes in advertising, public relations, graphic design and new media services, occupied nearly 10,000 sf at 568-578 Broadway in Soho for 10 years before addressing a need for more space to accommodate its growth. “We’ve discovered reasons beyond patriotism and economics to migrate further downtown. It’s a rich place to explore and enjoy,” says Mark Kaminsky, a partner at SS&K.

The company will take advantage of a number of Downtown incentive plans including $3,500 over two years for each of the 60 jobs it is bringing to the area, $2,400 per employee for one year in federal tax credits as well as New York City real estate tax abatement over five years.

“The biggest advantage has to be that they’re in a high-quality building with spectacular installation. It’s also near the Seaport with fabulous views,” remarks Robert S. Shapiro, executive managing director at Grubb & Ellis, who represented SS&K in the transaction, noting that the company had been looking for new space for about a year.

“SS&K could have moved to any building in Manhattan, but they wanted to make an investment in the rebirth of downtown,” adds Larry Zuckerman, senior managing director of Grubb & Ellis, who represented the company along with Shapiro. “This is first-class office space in a building designed by I.M. Pei.”

Other 88 Pine tenants include GMAC Mortgage Corp., Cushman & Wakefield, Omega Advisors Inc. and Apple Bank for Savings.

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