Bovis has been a tenant of the MetLife Building since 1992 and the current lease was due to expire within the next year. Established in 1979, the New York office, home to Bovis Lend Lease LMB Inc. and Bovis Lend Lease Interiors Inc. provides customized planning and construction services. The New York office's 650+ professionals have managed projects including the Ritz-Carlton Hotel & Residences Downtown, 731 Lexington Ave., 455 Central Park West and Long Island Jewish Medical Center. Currently under management is the AOL Time Warner Center.
The new lease was negotiated on behalf of Bovis Lend Lease by its broker, Julien J Studley, which was represented by Mitchell S. Steir, Michael D. Colacino, Matthew P. Barlow, David J. Goldstein and Greg B. Taubin. Keith Caggiano, Jon Zuckerman and Stephen B. Siegel of Insignia/ESG represented MetLife.
"I am pleased that, with the help of the Studley team, we were able to structure a deal that keeps us at 200 Park Ave.," says Peter A. Marchetto, president Bovis Lend Lease LMB Inc. "Bovis Lend Lease is an important part of The MetLife Building 200 Park Ave.," adds Brian J. Fox, MetLife's national marketing director.
The 2.8 million-sf, 59-story tower is home to many legal, financial, service and professional organizations including Barclay's Bank, Dreyfus Corp, Gibson Dunn & Crutcher, Greenburg Traurig, Hunton & Williams, Insignia/ESG, Merrill Lynch, Mitsui & Company, UBS Paine Webber and Winston & Strawn.
At the end of last month, Lend Lease announced that it would over time exit from its US real estate investments and some European based investment operations (see earlier story). The company plans to pursue synergies around the world with Bovis Lend Lease's global clients and markets and within regions between Bovis Lend Lease and the integrated development businesses and real estate funds management operations.
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