The arrangement underscores the continuing trend of financial services firms taking more space, according to Studley's executive managing director Ken Ruderman, who along with managing director John A. Johnson and assistant director Nicholas Farmakis represented Pzena in its long-term lease commitment. The same team represented the firm in 2003 as well. Glenn Isaacson of CB Richard Ellis acted as agent for property owner Reckson Associates Realty Corp. along with Reckson's senior vice president of leasing, Robert Fink.

"Our client was experiencing growth needs earlier than they originally expected. After researching the market place, we found the most attractive alternative would be to do a relocation within Tower 45 which would allow both landlord and tenant to continue their very fine existing relationship," Ruderman explains. "We arranged for Pzena to surrender its lease to Reckson, eliminating a potential sublease scenario, while at the same time having Reckson, construct space for our client in the same manner they originally did on their initial floor." Financial information for the transaction was not released, however space in the site ranges from the mid $40s to the mid $60s per sf.