Details of the 11-year lease at the Metropolitan Tower were not released but asking rents for available space on the 16th floor of the 78-story residential and commercial building are $68 per sf. Arbitron occupies the 11th and 12th floors and part of the 10th floor.
Arbitron's former parent company, Ceridian Corp., which occupies 24,000 sf on the building's 9th and 11th floors, also renewed its lease for 11 years. Ceridian--a tax- and payroll-processing firm--and Arbitron have occupied their current spaces for roughly 15 years. Arbitron was spun off from Ceridian earlier this year.
Both tenants were represented by Cushman and Wakefield senior director Joseph A. Fabrizi and executive director William Leahy. David Levinson, vice chairman of Insignia/ESG, and Robert Lapidus, president of L&L Acquisitions, represented building owner 142 W. 57 St. LLC.
"Ceridian and Arbitron wanted to remain in their current locations," says Fabrizi. "The building has served them well since 1987, when it was originally developed."
Continue Reading for Free
Register and gain access to:
- 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
© 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.
