The firm will occupy floors 31, 32 and 33 of site on Eighth Avenue and 41st Street. It also inked an option to renew. When completed, the New York Times Co. will own and occupy floors two through 28; FCRC and its partner, ING Real Estate, will own floors 29 through 52.
Bruce Ratner, president and CEO of Forest City Ratner Cos., says the firm has a number of other leases in play for the site. "We have a number of other leases out, but Seyfarth Shaw is the first to cross the finish line." FCRC was represented by a team led by Mary Ann Tighe and includes Howard Fiddle, Tim Dempsey, Pete Turchin, Matt Preotle and Jason Pollen of CB Richard Ellis. Seyfarth Shaw was represented by Lewis Miller, Jason Gorman, Michael Wellen, David Kleinhandler, Ken Rapp and Todd Lippman, also of CBRE. The firm could not comment on the deal.
Midtown is the city's tightest market. According to the latest figures from Colliers ABR Midtown asking rent have jumped higher – lead by Plaza district at $71.82 per sf and Rock Center at $67.36 per sf. Class A average asking rent for the area is at $63.80 per sf.
According to Studley, Midtown has shown steady declines in availability for 10 consecutive quarters, reaching its historic low of 7.7% in the fourth quarter of 2005 and now registering at 8.1%. In the last six months, 1.2 million sf of large transactions were finalized in Grand Central, that's more than half of all the large transactions for Midtown, reducing the availability to 6.1 million sf, 1.4 million sf less than the previous year and the lowest level since 2001, according to Steve Coutts, Studley's new senior vice president, National Research Services.
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