Martin Horner at the Staubach Company negotiated on behalf of the tenant. Current asking rents in the 45-story office tower are approximately $65 per square foot.
Because a portion of the space was already committed to Marsh & McLennan for two more years, Durst negotiated a surrender/termination deal to provide Westchester with the expansion space it needed. ""We worked closely with our tenant to develop a strategy that would benefit both parties," says Bow, who notes that even in today's uncertain economic climate, certain growth industries--such as insurance--are looking to expand.
"This is an excellent time for tenants to reassess their leasing requirements, and--if they are in a growth mode--to upgrade and seek additional space," Bow says.
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