Search
 

Clarendon Takes 83,000 SF at Times Square Tower

NEW YORK CITY-Clarendon Insurance Group has signed on the dotted line for 83,000 sf of space at Times Square Tower. The company signed for a 20-year lease and will nearly double its space.

By Barbara Jarvie | Updated on July 28, 2003

NEW YORK CITY-Clarendon Insurance Group Inc. has taken three full floors comprising 83,000 sf at Boston Properties’ Times Square Tower. The lease, which was brokered by Studley, includes a five-year delayed possession on approximately 27,000 sf of that space. Financial details of the lease were not released, however according to Studley’s second quarter office market and space data report, class A office space in Midtown is averaging $55.44 per sf.

Clarendon will nearly double its space when it moves from its present location at 1177 Avenue of the Americas, where the firm occupies multiple floors, into its new Times Square headquarters. The company, a US-based property and casualty insurance company whose parent company is Hannover Re, the fifth largest reinsurer in the world, will take possession of its new facilities in September. According to a Studley spokesperson, Clarendon’s projected growth required a larger facility and being in a new building with increased efficiencies was very desirable.

Clarendon was in the market for approximately one year and during that time briefly considered options Downtown and areas outside of the city, the Studley spokesperson adds. However, many of the firm’s employees live in the tri-state area and, as an employee retention measure, keeping commuting time to a minimum was a key objective. Therefore, the firm decided a Midtown address was the best fit for its needs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.