Engineering JV Takes 70,580-SF Downtown Sublet

NEW YORK CITY-DMJM Harris/Arup, a joint venture of locally based engineering firm DMJM Harris and London-based consulting engineers Ove Arup, has signed a 12-year deal for 70,580 sf of sublease space at 20 Exchange Place. Participants in the transaction say the firm is the first new tenant to make a major commitment to Lower Manhattan since Sept. 11.

DMJM Harris will occupy the entire 13th, 14th and 15th floors of the 57-story office tower. The space was previously occupied by Web site design firm Agency.com, which agreed to a price per sf “in the low $30s,” according to Newmark & Co. Real Estate Inc. executive managing director Stephen J. Schofel. Scott Etess and David Anderson, also of Newmark, worked with Schofel in representing DMJM Harris. Lee Feld of WF Realty and Frank Cento of Cushman & Wakefield represented Agency.com in the transaction.

According to Schofel, the engineering firm chose to relocate Downtown for its vitality and its value. “They very much wanted to be a part of the reinvigoration of the Downtown business community,” he tells GlobeSt.com. “Secondly, Lower Manhattan offers great value. We’re really paying about 40% less than what comparable space in Midtown would cost.”