Cushman & Wakefield senior directors Alexander Chudnoff and David Dusek represented Lava Trading in negotiations with the landlord, Lincoln Property Co. Dallas-based Lincoln purchased the converted former warehouse early this year on behalf of an institutional client for $68 million, or $335 per sf. The purchase of the eight-story 202,426-sf boutique office building marked that company's first foray into the New York City real estate realm. James Stein and Jim Kelly of Lincoln Property Co. represented the landlord in the Lava Trading transaction.

"Lava originally chose this location because of its low profile neighborhood," notes Dusek. "In addition, the building offers large, open floor plates, which allow maximum efficiency for space planning and utilization." In late 2002, the firm inked an 11-year deal for 23,500 sf on the fourth floor of the building. Prior to that, Lava Trading occupied 16,500 sf on the seventh.

Headquartered here, Lava Trading also has offices in California, Connecticut and the UK. In just five years, the company has grownfrom a startup with five employees, to a profitable company with a staff of nearly 200. However the fast-growing company might have to look elsewhere for future expansions because, according to Stein, "with Lava's expansion, the building is now fully leased." Other tenants include Xerox Corp., SAP AG and WPP's subsidiary Walker Group/CNI. The building was extensively renovated by the end of 2000--being transformed fromindustrial space into an office.