The company's previous lease, for 27,000 sf, was due to end in 2010 but the GGHC opted to renew early to secure the space and add 3,000 additional sf, according to James Emden, an executive vice president for CB Richard Ellis.
"The company wanted to secure their new headquarters and knew the market prices were rising and they didn't want to gamble that someone else would lease the floors," Emden tells GlobeSt.com. Emden and Alan Desino, a senior vice president at CBRE, represented GGHC in the transaction.
With the new lease, GGHC will occupy the top three of the 26 floors in the building. The space offers coveted views of Central Park.
The terms of the ten-year lease have GGHC paying $80 per sf for the first three years, $88 per sf for the following three and $96 per sf for the remaining years, according to Emden.
GGHC is the second largest tenant in the building, only outsized by Newsweek, according to Emden.
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