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It's Shopping Season--For Major Downtown Office Space

NEW YORK CITY-Reps for law firm Cahill Gordon & Reindel scouted roughly 10 buildings before opting to re-up for 250,000 sf at 80 Pine St. Those options simply underscore the massive mess the Manhattan market is in.

By John Salustri | Updated on December 20, 2002

NEW YORK CITY-Where can you find 250,000 sf of space quick? Just about anywhere, it seems. Newmark vice chairman and CEO Barry Gosin tells GlobeSt.com that he helped client Cahill Gordon & Reindel shop around at some 10 major office buildings before the law firm opted to re-up recently at 80 Pine St.

“You can never make a decision to renew unless you examine what the alternatives are,” says Gosin. Clearly, but the options are enormous given the sublease overhang. The Newmark chief tells GlobeSt.com that the law firm explored Midtown and Downtown space–including 7 Times Square, the World Financial Center, 1 Liberty and 32 Old Slip. “They saw it as an opportunity to move to Midtown, but we were looking at new buildings, so they were mostly drive-bys,” he reports, adding that it was a combination of rents and benefits that kept the firm in Lower Manhattan. “The rents in Midtown were higher, but the benefits Downtown were also a factor–especially the accelerated depreciation.” While Gosin would provide no numbers, reports have pegged the 17 year re-up as starting at $30 per foot. Gosin and Newmark’s Moshe Sukenik spoke for the law firm, while Rudin’s Tom Keating and Robert Steinman represented their company.

Over and above the post-Sept.11 incentives, greasing the skids on the re-up were specific owner concessions. “Owners are spending money for their tenants,” he says, and Rudin Management was no different. “Cahill is going to rebuild that space with help from Rudin.”

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