HRH is in negotiations to sign a sublease deal with TMP Worlwide, the parent company of monstermoving.com. TMP will still occupy approximately 22,000 sf of space at the 50 Main St. property after the deal closes, GlobeSt.com has learned.
Greg Cuneo, co-chairman and Brad Singer, president and chief operating officer of HRH, confirmed that the firm is set to sign the sublease transaction. Singer said the deal is imminent.
Following the Sept. 11 attacks, the firm embarked on an effort to establish operations in the northern suburbs. Since then, the firm has been named construction manager for Bank Street Commons, a luxury residential apartment complex under construction in White Plains, construction manager for Stonegate at Bellefair, a senior extended-stay facility being built in Rye Brook and recently was named co-construction manager for the residential tower component of the City Center at White Plains project, a mixed-use development being built by Cappelli Enterprises of Valhalla.
Singer said that HRH currently leases approximately 60,000 sf of space at 1 Park Ave., but only uses about half of that space. Once the White Plains relocation is complete, the firm plans to retain a presence in New York City and is set to lease approximately 8,000 sf of space at 2 Park Ave.
HRH's Cuneo said that the firm is in negotiations with the Westchester County Economic Development Department about possible incentives the firm might obtain. Stu Romanoff and Amy Fox of Cushman & Wakefield in New York City and Insignia/ESG's Andrew Sachs and Rob Martin are representing HRH in the deal. Newmark & Co. Real Estate Inc. is representing TMP Worldwide in the sublease transaction. Brokers contacted by GlobeSt.com on the deal offered no comment on the pending transaction.
HRH has been the builder of such projects as Citicorp Center, Carnegie Hall Tower and Trump Tower in Manhattan. Last year, HRH completed $250 million worth of work. This year, the company, which was founded in 1925 by the Horowitz and Ravitch families, expects to gross between $350 million to $400 million and has a current backlog of $800 million in work.
The company, which at one time was a subsidiary and construction arm for Starrett Corp., has completed more than 10 million sf of residential space in the past decade and has another 1.4 million sf in progress or under contract. The firm also has experience in commercial office, health care and research, hotel, arts and recreation, senior housing, retail, and educational construction.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
