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NEW YORK CITY-In a transaction designed to accommodate increased office space requirements while remaining at 333 Seventh Ave., Studley orchestrated a new 37,500-sf lease on behalf of medical information services provider Ovid Technologies Inc. The firm committed to a 12-year lease for the building’s entire 19th, 20th and 21st (penthouse) floors. Ovid previously occupied 20,000 sf which comprised the entire 4th floor of the 389,000-sf building, located between 28th and 29th Streets. Asking rents in the area are high 20′s to low 30′s per sf.

Working with the building’s owner, Samco Properties, Studley structured a transaction in which the landlord terminated Ovid’s existing lease obligation prior to its January 2004 expiration. The building’s top three floors were previously occupied by MKTG Services. The firm, in an effort to consolidate, decided to lease space on the building’s 18th floor. The floor was originally available for sublease, but after the tenant’s commitment was terminated, MKTG was able to lease the space directly from the landlord, freeing its prior offices up for a long-term direct lease.

“This was a rare and special opportunity for Ovid to control the tower floors of an architecturally significant building with a penthouse that features high ceilings and amazing views,” explains Studley executive managing director David J. Goldstein.

Goldstein, along with Studley managing director Greg B. Taubin and corporate managing director Mark Stewart, handled negotiations on behalf of the tenant, while the landlord was represented in-house by principal Jeffrey Smith. “It required a great deal of maneuvering to facilitate and structure the deal and Ovid was pleased with the end result,” notes Goldstein.

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