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NEW YORK CITY-Jones Lang LaSalle was selected by Wachovia Corp. to sublease more than 400,000 sf of space at One Seaport Plaza, also known as 199 Water St. Wachovia obtained the space at the one million-sf site through the July combination of its brokerage subsidiary, Wachovia Securities, with Prudential Securities.

Peter Riguardi, president, Frank Cento and Bob Flippin, managing directors, and John Wheeler, executive vice president, all with JLL’s New York office, will lead the team overseeing the disposition of the excess space, which comprises the top portion of the property. One Seaport Plaza is owned by Jack Resnick & Sons Inc.

“This holds significant opportunity for tenants seeking class A space in Lower Manhattan,” says Riguardi. “Jones Lang LaSalle has leased more than 600,000 sf of space Downtown during the past year, and One Seaport Plaza has all the assets desired by leading tenants.”

According to a recent JLL report, Downtown saw its direct vacancy rate improve by approximately 22%, falling from 8.8% in the second quarter of 2003 to 6.9% in the third quarter. The Downtown market, which has benefited from ongoing tenant interest, recorded one million sf of positive absorption in the third quarter of 2003. Most of the gains occurred in the Financial District, which saw more than 900,000 sf of positive net absorption this quarter. Downtown also benefited from greater leasing activity in the quarter. Lower Manhattan saw 1.1 million sf of gross leasing activity this quarter, up from 590,000 sf of gross leasing activity in the third quarter last year.

Jones also just completed a sublease for ING with investment bank Jefferies Group Inc. at 520 Madison Ave. Jefferies Group has inked a 12-year deal for 26,786 sf on the 10th floor of the building. Sublessor ING was represented by Frank Doyle, managing director, Michael Gerla, senior vice president, and Todd Vender, leasing specialist, of Jones Lang LaSalle’s New York office. Subtenant Jefferies Group was represented by Dale Schlather of Cushman & Wakefield Inc. The investment bank already occupies the eighth, 11th, 12th and 13th floors, and a portion of the fifth floor. Jefferies Group’s business was expanding and the company was considering relocation options outside of the building.

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