(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW YORK CITY-Global asset management firm Legg Mason and its two subsidiaries, Western Asset Management and ClearBridge Advisors, have agreed to lease approximately 200,000 sf in 1.6-million-sf New York Times Building that is approaching completion at 620 Eighth Ave. With the signing, more than 75% of the 700,000 sf of space owned by Forest City in the building is leased.
Legg Mason, headquartered in Baltimore, is the fourth and largest tenant to lease space from the FCRC portion of the building since leasing began earlier this year. The investment firm and its subsidiaries will occupy floors 45 through 50 and create a roof-top space garden.
"We love their balance sheet and love the fact they are a financial services company," MaryAnne Gilmartin, executive VP of commercial and residential development for FCRC, tells GlobeSt.com. There are four floors remaining in the building. Two floors are contiguous. While not give the prices, she says the remaining contiguous space available, mid-level floors, is going for $100 per sf. "And what Legg Mason took were top floors," she says.
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