Roger Griswold, senior VP of CB Richard Ellis' New York tri-state region, negotiated the deal for Regent. While terms of the deal were undisclosed, a spokesperson for CBRE says the sublease is for 4.5 years and is valued at significantly less than the average direct asking rent in the building, which runs in the high $50-range.
The deal marks Regent's second location in Manhattan. CBRE is also currently evaluating additional leasing opportunities nationwide for the short-term business facility provider, per the company's recent operations expansion. Aside from New York, Regent has existing centers San Francisco, Los Angeles and Denver.
The new lease places Regent in a prime location in the 54-story, 1.7 million-sf building, owned by Equitable Life Assurance. Regent has already moved into the Midtown high rise, set between 52nd and 53rd streets, and is currently updating the space with new technology including voice, video and data transmission lines.
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