Owner and manager JEMB Realty Corp. brokered in-house on both sides of the 10-year deal. The price of the transaction was not disclosed. However, sources close to the deal place the value at "near market rates." Published asking rents in the building range from $32 to $37 per sf.
Two years ago, JEMB invested $30 million to outfit the building with emergency backup systems, including tenant-managed electric generators. On Sept. 11, JEMB claims 75 Broad St. remained at full power with no communication outage, owing in part to these security investments.
AccessIT executives said this proven data security played into their decision to sign. "The building has a proven mission critical track record given its successful response to the events surrounding the WTC disaster," says Kevin Farrell, senior vice president of operations for AccessIT.
New York-based AccessIT specializes in disaster recovery, managed storage and collocation for telecom, Internet and data providers. In addition to this signing, the company also leases 12,500 sf at 111 Pavonia Ave. in Jersey City and 30,000 sf at Busch Terminal in Brooklyn.
New York-based JEMB Realty Corp. also owns and manages Herald Center and Herald Towers on Broadway Street in Manhattan.
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