D.E. Shaw, a global investment and technology firm, currently occupies 185,000 sf at Tower 45, on West 45 Stret, and will be expanding to the new location due to the company's growth. The company signed an 11.5-year lease for the new space.
For Christian & Timbers the new location will mean a relocation and expansion from its current 25,000-sf space at 1177 Avenue of the Americas.
GlobeSt.com sources name Tim Dempsey and Roger Griswold of CB Richard Ellis as representing D.E. Shaw in the transaction. Joseph Fabrizi of Cushman & Wakefield represented Christian & Timbers. Tim Gibson, Marc Packman and Andrew Sachs of Cushman & Wakefield represented the landlord and are the leasing agents for the building.
Terms of the deal have yet to be disclosed, but according to Trammell Crow Co.'s third quarter report the average asking rental rate in the area is $70.41 per sf. The area also has a vacancy of less than 4%.
1166 Ave. of the Americas, built in 1974, is a 1.5-million-sf class A office building between 45 and 46 streets. Marsh & McLennan Cos., a global professional services firm, owns the building that houses its world headquarters. 12 months ago Marsh & McLennan obtained a $475-million mortgage financing for the building, as reported at GlobeSt.com.
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