Cresa Partners/New York director Giles Wrench arranged the transaction for NIB. Frederick Marek and Vincent Tuminelli of Julien J. Studley represented sublessor Lazard Freres & Co. LLC in the 10-year, nine-month lease. Sources close to the deal say NIB is paying close to the $56 per sf asking price for the 7,900-sf space at the Rockefeller Center property.
"NIB Capital needed a recognizable international address with the necessary status to support the growth of the operation," says Wrench. "600 fifth Ave. represented the best opportunity in the market and the client remained committed to the location, and New York City, in the aftermath of Sept. 11. NIB was previously located at 1285 Avenue of the Americas.
The lease, which covers the entire 17th floor of the 29-story building, involved a complete rebuild of the space. Project management for the improvements was handled in-house by Cresa. "The ability to provide a seamless service for NIB meant that the entire project was completed on time and within budget," says Marcus Rayner, principal of Cresa.
Built in 1950, 600 Fifth Ave. is a 411,420-sf office tower with direct subway access. The owner is RCPI Landmark Properties LLC and Tishman Speyer Properties has the management and leasing contracts for the property.
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