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Deals & Dealmakers

CRE data firm Reis Services signs 44,689 s/f sublease at 1185 Avenue of the Americas

Reis Services, LLC a national provider of commercial real estate market information and analytical tools, has signed a 44,689 s/f sublease with King & Spalding for office space at 1185 Avenue of the Americas.

The company will move from 530 Fifth Avenue into space on the entire 30th and part 31st floors of the building, according to Reis’ commercial real estate advisor, Savills Studley.

The new headquarters office for Reis will continue to build on the company’s expansion throughout the New York-metropolitan area.

Six months ago, Savills Studley arranged a 48,346 s/f lease renewal and expansion for the firm’s research and operations team at 333 Westchester Avenue, a move that grew the company by nearly 39,000 s/f at the complex in White Plains.

With the new lease, Reis will have two locations, one in New York City and the other in Westchester County, N.Y.

Savills Studley’s Executive Vice President Daniel O. Horowitz, Executive Managing Director Jeffrey I. Peck and Managing Director Gary Kerper represented the subtenant in the long-term subleasing transaction, while Adam Ardise, Richard Bernstein and Bryan Boisi  of Cushman & Wakefield represented the sublandlord.

“Reis was seeking new space in Manhattan to serve its growing footprint,” said Horowitz.  “The advantages offered by this long-term sublease included a functional space that had tremendous value already embedded, coupled with a full concession package that allowed Reis to refine the workplace to its exact requirements.”

“We were able to achieve all of this for Reis at a premier midtown address at a very low basis,” added Peck

“Reis is very excited that our new Manhattan office is located in a building owned and managed by a premier landlord such as SL Green Realty Corp,” said Bill Sander, President and COO of Reis.

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