Press Release brought to you by CompStak

Every week we compile a digest of the most interesting recent deals from the CompStak database.

04/12/2013

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Dear Friends,

Every week we compile a digest of the most interesting recent deals from the CompStak database. We hope you will find the information helpful.

Preschool Makes a 40 Year Commitment

Green Ivy signed a 40 year, 75,675 SF lease at 40 Wall Street. The starting rent is in the $30s PSF and climbs up to the $50s. This is a win-win for landlord Trump with a long term lease as well as for the preschool, which locked in favorable rents with modest escalations in a heating market. Another tenant in the building, First Investors, also signed a relatively long term lease recently: 15 years with rent starting in the $30s PSF.


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Get the First Investors comp

W&H Properties: Top Dollar Rent, Generous Concessions

Interpublic Group leased two and a half floors totaling over 86,000 SF at 1400 Broadway. The starting rent for the deal is in the mid $40s PSF, which is on the high side for Times Square South but in line with other recent leases in the building (On Deck Capital and VeriFone). W&H Properties provided Interpublic with a generous TI package effectively reducing the rent to around $39.



Get the Interpublic (floors 3-4) comp
Get the Interpublic (floor 5) comp
Get the On Deck comp
Get the VeriFone comp

Triple Digit Rents in Midtown

Here are several recent examples of Midtown deals with rents over $100 PSF: Ascot Underwriting signed a lease for 5,764 SF on the 40th floor of the Bank of America Tower. The rent will average around $110 over the 10 year term. Milbank, Tweed, Hadley & McCoy will take 10,799 SF on the 26th floor of 450 Park Avenue for the same rent and term as Ascot. Ellis Lake Capital leased 5,378 SF on the 40th floor of 444 Madison Avenue for an average rent just above $100 PSF.

Have This Comp? Earn Double Points!

Help us improve the CompStak database by sending us the most recent deals. We will award double points to the first member who sends us the following comp:

Simpson Thatcher & Bartlett - 595,000 SF renewal at 425 Lex

Have this comp? Email us!

Questions about the Weekly Comp Digest? Noam@CompStak.com

04/12/2013 - 10:37

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