X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Arch Insurance Group has renewed and expanded its offices at Brookfield Properties’ One Liberty Plaza, for a total of 71,827 square feet. The deal is for 10.5 years; terms were not disclosed.

Mark Ravesloot, EVP of CB Richard Ellis, says in a release that “it is exciting to see a leading insurance company like Arch Insurance Group recommit to Downtown.” Ravesloot represented the specialty insurer along with EVP Mike Monahan and SVP Scott Sloves of CBRE’s New York office along with EVP Paul Jacobs and SVP Colin Reilly of CBRE’s Stamford office. Brookfield provided in-house representation.

Arch took a 19,781-square-foot expansion at One Liberty, and also renewed its lease for 47,597 square feet on the 53rd floor and 3,909 square feet in the building’s concourse. Built in 1973, the 54-story, 2.3-million-square-foot One Liberty is bordered by Broadway, Church Street, Cortland Street and Liberty Plaza. Its leading tenants include Cleary Gottlieb Steen and Hamilton, the Financial Industry Regulatory Authority, Zurich American Insurance and Royal Bank of Canada.

The Arch deal is the latest in a series of large-scale renewals or relocations by financial services and law firms that have enlivened the second half of 2009, following a dismal leasing environment in the first six months of the year. During the fourth quarter, Broadpoint Gleacher Securities and C.V. Starr & Co. consolidated their Manhattan offices, taking, respectively, 74,000 square feet at 1290 Ave. of the Americas and 141,000 square feet at 399 Park Ave.

More recently, law firm Mintz Levin renewed its 85,000-square-foot space at 666 Third Ave., as did Stroock & Stroock & Lavan with its 220,000-square-foot space at 180 Maiden Ln. and Paul Weiss Rifkind Wharton & Garrison with its 550,000 square feet at 1285 Ave. of the Americas.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.