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Flatiron District Architect Rewrites Long-Term Lease for 47,000 SF

NEW YORK CITY-Prominent architectural firm Vollmer Associates signs on for 15 years at the 110-year-old S.L. Green-owned building where it has been headquartered for the last seven years. Insignia/ESG represented the tenant in the deal, which involved ripping up the original 10-year agreement three years early.

By Glen Thompson | Updated on September 26, 2002

NEW YORK CITY-Nationally known architects Vollmer Associates and building owner S.L. Green Realty Corp. have torn up their original 10-year agreement and drafted a new lease for the firm’s Flatiron District headquarters.

Insignia/ESG’s Alan Desino, Richard Karson, and Robert Stillman arranged the transaction on Vollmer’s behalf, while in-house broker Steve Durels represented building owner SL Green in negotiating the 47,000-sf space at 50 W. 23rd St.

Vollmer, which occupies the entire eighth floor of the 110-year-old building’s and part of the seventh, had been paying rent in the mid-$30s per sf for its space under the old agreement. While the new rent has not been disclosed, a source close to the deal tells GlobeSt.com that a major component of the transaction is a cash contribution from S.L. Green valued at between $15 and $20 per sf.

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