"This is a consolidation move for Mitchell, Maxwell & Jackson," explains ATCO vice president and managing director John K. Lord who, along with associate director John Cinosky, represented the tenant in the deal. Ira Rovitz and Scott Pudalov of Insignia/ESG handled negotiations on behalf of the landlord, a division of Safra Bank the building. Lord tells GlobeSt.com that typically, asking rents in the area ranged from in the $50's and $60's per sf a year and a half to two years ago, however, they are now down approximately 20 to 25%. The Olympic Towers lease was cancelled by virtue of a ground lease termination, Lord adds. "The firm will now have operations on one floor, rather than three, but will remain in a neighborhood that has served its business needs well for a number of years now."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
