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Guy Carpenter Takes 105,225 SF at 1 Madison

NEW YORK CITY-The Marsh & McLennan subsidiary will occupy three floors of the landmark property, a 1.3-million-sf building owned by MetLife. The reinsurance intermediary has occupied space in Midtown since it was displaced from Two World Trade Center on Sept. 11.

By Glen Thompson | Updated on May 09, 2002

NEW YORK CITY-Guy Carpenter & Co. Inc., a subsidiary of risk and insurance services firm Marsh & McLennan, has signed a 10-year deal for new headquarters space at 1 Madison Ave. The reinsurance intermediary firm will occupy 105,255 sf on three floors of the 50-story, MetLife-owned building.

Displaced from its Two World Trade Center headquarters on Sept. 11, Guy Carpenter set up makeshift headquarters in Midtown while scouting permanent space. “After 9/11, Guy Carpenter moved its operations temporarily to 114 W. 47th Street and debated where to establish a permanent home,” says Insignia/ESG’s Mary Ann Tighe, one of eight Insignia brokers on both sides of the deal. “It’s significant and a great coup for New York that the company will be keeping its headquarters in Manhattan.” (Marsh & McLennan is also headquartered in the City at 1166 Avenue of the Americas.)

Craig Reicher, Gregory Tosko and Tim Dempsey worked with Tighe in representing Guy Carpenter, while Robert Alexander, Lewis Miller, Jason Gorman, and Jonathan Walsh acted for sublessor Credit Suisse First Boston Corp., which net leases the building from MetLife. While details of the Guy Carpenter lease have not been disclosed, London-based Standard Chartered bank earlier this year signed a long-term deal priced in the low $40s per sf for the building’s 92,000-sf third floor.

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