Grubb & Ellis managing director Luis Suarez represented Enterprise in negotiating the 9,777-sf lease. Jeffrey Rosenblatt, a senior managing director with Grubb, represented SAB in the transaction. According to Suarez, SAB is paying "in the mid- to high-$80s" for the entire 42nd floor of the building, located on the southwest corner of Fifth Avenue and 56th Street.
"While the space has a remarkable cachet, we knew that a principal challenge to any sublease must revolve around the underlying credit worthiness of a prospective subtenant," says Suarez. "We anticipated that building ownership would only grant its tenant approval to sublet if the proposed subtenant offered had an extremely strong credit rating."
The 52-story, 545,000-sf building was built in 1990. Its first five floors are notable as the 35,000-sf flagship of high-end women's apparel and accessories retailer Henri Bendel.
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