A hotel management company and a cosmetic science organization are moving to 14 Wall Street.
Real Hospitality Group (RHG) an operator of major national brands and boutique hotels, signed a 10-year lease for 5,240 s/f on the 16th floor of the tower.
And the Society of Cosmetic Chemists, a group that promotes high standards of practice in the cosmetic sciences, took 2,776 s/f on the same floor in another 10-year deal.
A CBRE team that includes Brad Gerla, Jonathan Cope, Paul Walker and Eric Kleinstein, is the exclusive leasing agent for 14 Wall Street and represented owner, Alex Rovt, in both transactions. Newmark Knight Frank’s Todd Hershman repped Real Hospitality Group and Darrel Handler of Handler Real Estate repped the Society of Cosmetic Chemists.
According to Gerla, the deals follow a trend in technology, advertising, marketing and information firms heading downtown. “There are a lot of young companies that are converging Downtown and we feel that we offer the type of space those companies are looking for,” said Gerla.
Originally the Bankers Trust Company building, 14 Wall is a 37-story tower with one million square feet of office space occupied by major tenants such as Amerigroup, Barclays, NYU Medical Center and Skidmore Owings + Merrill.
Since taking over the leasing assignment last year, CBRE has embarked on a pre-built office campaign to attract young TAMI tenants such as RHG to the approximately 100,000 s/f of available space in the building.
According to Gerla, full floor spaces of 38,000 s/f and smaller pre-built units are currently available for immediate occupancy.
The two new leases follow a renewal by leadership development non-profit, the Posse Foundation. Cushman & Wakefield brokered that 15-year renewal for 36,354 s/f across the entire eighth floor. CBRE’s Suzanne Lee and Avison Young’s Nicola Heryet and Jonathan Larsen represented the foundation.
Cushman & Wakefield previously handled the leasing of 14 Wall Street but was replaced by CBRE in June 2017. While CBRE would take over all leasing, the termination agreement allowed Cushman & Wakefield to retain the rights to work with the Posse Foundation and NYU.