Investment management firm Northern Trust Corporation has leased the entire 25,000 s/f 21st floor at LeFrak’s 34- story office tower at 40 West 57th Street.
The company, which is presently located at 65 East 55th Street, expects to move into its new headquarters facilities by year-end.
“We are delighted that yet another elite company has chosen 40West for its new home,” stated Richard LeFrak, chairman and president of LeFrak.
Other companies headquartered at 40West 57th Street include JPMorgan/Highbridge, Elliott Management Corporation, Tocqueville Asset Management, VF Corporation and Givaudan Fragrances Corporation.
Howard Fiddle, vice chairman of CB Richard Ellis, who leads the leasing team for 40West 57th Street, represented the landlord in the 10-year leasing transaction. Gus Field, vice chairman of Cushman and Wakefield, represented the tenant.
Asking rents at the building range from the mid-$80’s on the lower floors to more than $100 a square foot on the tower floors.
According to Fiddle, for the first time in its history, 40 West 57th Street, which opened in 1972, will be devoting an entire floor (14) to pre-built units ranging in size from 4,000 to 14,000 s/f. A select number of full floors are also currently available for lease.
LeFrak recently completed a $30 million capital improvement program at 40 West 57th Street.