"The difference in the square footage figures reflects what is immediately available for occupancy and what has been signed for, but isn't available until the future," reports Geoghegan. "What will be taken immediately by Lehman Brothers is 190,923 sf of space on floors 19, 20, 21, 27, 28 and 29."
"The other 519,117 sf has been committed to, but won't be available until 2004. CIBC currently occupies that space and has committed to move out by 2004, at which time Lehman Brothers will take it," he explains.
He notes the Canadian bank is looking to establish its headquarters in Midtown Manhattan at 300 Madison Avenue between 41st and 42nd Streets, citing reports that CIBC and Brookfield have together closed on the land. He adds he isn't aware if an "actual lease has been signed, but they are committed to going forward."
Lehman Brothers currently occupies 111,995 sf on part of floor 19, as well as floors 27, 28 and 29. Geoghegan defines the planned amendment to their current lease at 1 World Financial Center as the result of a planned "expansion of their business." He notes they currently have additional extensive real estate leases at 3 World Financial Center and 1 World Trade Center here in Manhattan and 101 Hudson St. in Jersey City.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
