Dewey Ballantine has leased space on the so-called Corporate Row since 1990 and currently occupies more than 22% or approximately 405,000 sf of the 1.8 million-sf building's office space. An 88,000-sf expansion is expected to be completed by 2006. The financial details of the transaction were not revealed.
Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented Dewey Ballantine in the above transaction. The brokerage firm also handled Dewey Ballantine's original lease. Brett Greenberg, Equity Office's managing director of leasing for the New York region, and Joseph Artusa, leasing representative, acted on behalf of the landlord.
"Renewing and expanding this firm is right on target with our goal of retaining our top customers and extending their leases with terms that are mutually beneficial," Greenberg says. He tells GlobeSt.com that the deal took the better part of this year to complete. "They had a lot of options to move elsewhere, but they saw the value and the strength of the property."
"We chose to renew our lease at 1301 Avenue of the Americas because the building is in a premiere Midtown location in a class A building which offers good amenities. Its proximity to major commuting points is great and, more importantly, the economic incentives to stay were quite compelling," adds Richard Shutran, co-managing partner and corporate department vice chairperson at Dewey Ballantine.
The 45-story building's architecture and signature entrance and plaza feature exterior sculptures, reflecting pools, planters, and seating. The two-story "jewel box" glass enclosed lobby features mahogany walls and marble and granite floors. The building's amenities include 24-hour manned security complemented by closed circuit television cameras, a formal restaurant, a men's clothing store and a sundry shop.
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