The additional three signings total 12,600 sf as several seasoned tech companies increase their space in the building. Royal Blue Technologies, a financial software supplier with offices in London, Tokyo and Hong Kong has signed a lease for 4,100 sf of built-out space on the third floor. The company has additional offices at 17 State St in, also in Lower Manhattan. Jim Stein of Cushman & Wakefield brokered on behalf of the tenant, while Matt Leon and William Cohen of Newmark brokered for JEMB.
Internet connection provider IP-Only doubles its presence in the building, located at the corner of Broad and Water streets, with a 3,000-sf lease on the third floor, while electronic exchange provider Lava Trading Inc. has taken 2,500 sf, increasing its total space in the building to 7,500 sf. Additionally, Peer 1 Network, an Internet bandwidth provider, has taken 2,000 sf on the second floor. All three transactions were negotiated on both sides by JEMB.
"What we're finding is that there's a niche in the marketplace for the smaller tenant that needs a technologically advanced building," says Chalmé. "A majority of Manhattan tenants are the bread-and-butter players who take between 3,000 sf and 35,000 sf." Lease options in the building range from 3,000 sf to 175,000 sf.
Recently, internet datacenter AccessIT signed for 20,000 SF on floors 19 and 28, and Chalmé tells GlobeSt.com that leasing interest continues to grow. "We're currently speaking to legal firms and a lot of media companies," says Chalmé. "Even a law firm needs to back up its files."
When JEMB bought the building in 2000, occupancy sat at 10% and tenant-owner relations as shaky at best, Chalmé says. JEMB recently completed a building-wide $30-million-plus fiber-optic and emergency generator instillation, and credits these security renovations with attracting a more traditional tenancy. "We're now seeing a welcome return of financial firms and office space tenants over the past several months," says Chalmé.
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