Helmsley Spear announced that the firm has represented the ownership in two new leases at 48 Wall Street, a 324,000 s/f office building in the FiDi neighborhood of Lower Manhattan.
“We are thrilled to have arranged these two new leases at historic 48 Wall Street. The leases represent both a new tenant relocating from another downtown location, and the renewal of an existing full floor lease. Both leases evidence the confidence that tenants have shown in the both the ownership and management of this iconic FiDi location,” said Kent M. Swig.
In the first transaction, Merchants Hospitality signed a long-term lease for the top two floors of the building consisting of floors 32 and 33, a duplex unit that totaling 6,075 s/f. Merchant Hospitality will be relocating from One World Trade Center. Merchants Hospitality was represented in the transaction by Michael Rouzenrouch and Sam Reznitsky of Miyad Realty. They were particularly drawn to the four accessible outdoor terraces on the 33rd floor.
In the second transaction, Lord Securities has renewed its lease for the Entire 27th floor totaling 6,900 s/f for an additional five-year term. Lord Securities was represented by Todd Stracci of Newmark.
The Helmsley Spear leasing team of Andrew G. Simon, Executive Vice President, James Emden, Vice Chairman, Randy Sherman, Executive Managing Director and Kent M. Swig, President, represented 48 Wall Street ownership for both transactions.
“We are pleased with the level of activity we have seen at the building since we took over management and leasing in December, 2011. With three leases closed totaling close to 60,000 s/f and additional leases out and current offers being exchanged, we feel that there is a significant uptick in the leasing market over the recent past, which bodes well for a return to work for New York City’s commercial leasing market,” said Simon.