John D. Ryan III, EVP, and Lloyd Desatnick, VP, of JLL represented AT&T Wireless. The building's owner, Reckson Associates Realty, was represented in house by Rob Fink.
AT&T Wireless has been in the building since 1994 with the company's technical services group operating out of the fifth floor office space. The company also occupies the entire 19th floor, along with 7,200 sf on the 27th floor, through a sublease with PR Newswire that was arranged by Ryan and Desatnick last year.
"This transaction benefits both AT&T Wireless and Reckson," Ryan says. "It enables AT&T Wireless to lock in office space at attractive rental rates for 10 years and it affords the building owner the ability to stabilize the base of the building with a long-term commitment."
In addition, JLL brokered additional flexibility by obtaining a renewal option on the 19th floor that was not previously included in AT&T's lease. "This transaction demonstrates that creative brokerage can find a way to consummate a deal even in a down market," Ryan adds.
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