"It was a two-and-a-half year search looking at 60 or 70 units," Cushman & Wakefield EVP Mitchell Konsker tells GlobeSt.com. Konsker and C&W director Alex Chudnoff represented Cantor. Konsker says the firm had "unique requirements" and looked at sites all over the city before choosing this one which features and an intricate telecommunications network and an internal staircase. The building ownership was represented in house by Scott, Peter and Bud Resnick. The financial terms of the lease were not revealed. Cantor has been operating from five floors in East Midtown.
Cantor Fitzgerald and eSpeed Inc. will occupy a portion of the ground floor including a private entrance and floors two through seven with the option of additional leased space of up to 20 to 30% more as needed. According to Konsker, there will be a monument in front of the building and the company will have signage on the 58th and 59th street entrances.
"This new location will support our future growth and provide a long-term foundation on which we can continue to build on our success," says Howard W. Lutnick, chairman and CEO of Cantor Fitzgerald and eSpeed.
A year after the terrorist attacks, GlobeST.com reported Cantor had confirmed its intention to spend $100 million on the renovation of a Vornado Realty Trust-owned building off Union Square for its new headquarters. A 170,000-sf space had earmarked for 600-plus Cantor employees. That deal subsequently fell through.
Installation of infrastructure at the company's new home will begin during the fourth quarter with the relocation of employees beginning in the first quarter of 2005. Over the coming years, the companies plan to add 200 new jobs. The companies will be receiving government incentives to assist in the relocation effort. Kent Karosen of Cantor Fitzgerald and Karosen Strategic Partners helped iron out the details of the incentive arrangement.
Cantor Fitzgerald's made a commitment to provide 25% of its profits for five years to the benefit of the families of employees lost on Sept. 11, 2001. As of June 30, 2004, the firm has provided more than $140 million from Cantor Fitzgerald and the Cantor Fitzgerald Relief Fund.
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