Cushman & Wakefield senior directors Alexander Chudnoff andDavid Dusek represented Lava Trading in negotiations with thelandlord, Lincoln Property Co. Dallas-based Lincoln purchased theconverted former warehouse early this year on behalf of aninstitutional client for $68 million, or $335 per sf. The purchaseof the eight-story 202,426-sf boutique office building marked thatcompany's first foray into the New York City real estate realm.James Stein and Jim Kelly of Lincoln Property Co. represented thelandlord in the Lava Trading transaction.

"Lava originally chose this location because of its low profileneighborhood," notes Dusek. "In addition, the building offerslarge, open floor plates, which allow maximum efficiency for spaceplanning and utilization." In late 2002, the firm inked an 11-yeardeal for 23,500 sf on the fourth floor of the building. Prior tothat, Lava Trading occupied 16,500 sf on the seventh.

Headquartered here, Lava Trading also has offices in California,Connecticut and the UK. In just five years, the company hasgrownfrom a startup with five employees, to a profitable companywith a staff of nearly 200. However the fast-growing company mighthave to look elsewhere for future expansions because, according toStein, "with Lava's expansion, the building is now fully leased."Other tenants include Xerox Corp., SAP AG and WPP's subsidiaryWalker Group/CNI. The building was extensively renovated by the endof 2000--being transformed fromindustrial space into an office.