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Newmark Closes 59,000 SF in New Office Leases

NEW YORK CITY-The State of New York's Office of the Court of Claims is moving into permanent Downtown space, a law firm expands its Penn Station-area offices and a chemical company relocates to the same neighborhood.

By Glen Thompson | Updated on November 15, 2001

NEW YORK CITY-One of the first tenants to sign a new lease after being displaced by the World Trade Center attacks, the State of New York’s Office of the Court of Claims is now in the process of setting up shop at its new 37,275-sf space at 26 Broadway.

Newmark and Co. Real Estate Inc. president James Kuhn and executive vice president and principal Brian Waterman represented the Court of Claims in the transaction. Building owner Constitution Realty LLC was represented by Caleb and David Koeppel of Koeppel Companies LLC. According to Waterman, the 10-year deal carries a value “in excess of $12 million.”

Waterman tells GlobeSt.com that the combination of a flexible building owner and the emergency leasing procedures for government agencies enacted following Sept. 11 helped get a deal in place a mere nine days after the bombings. “One of the primary reasons they took the space was that the building owner was very easy to deal with. We also had the ability to work through what has always been perceived as a difficult process of signing a lease with the State of New York. But it took three days to sign the lease, whereas it would ordinarily take anywhere from 90 to 120 days.”

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