The Empire State Development Corp. bought 165,000 sf of space at 125 Maiden from Time Equities. The transaction is reported to have cost ESDC $376 per sf. This is the first sale at the location, with other scheduled to follow before the year ends.
"Since we officially launched the office condo sales program, the response has been overwhelming. We had multiple offers for the majority of the vacant space in the building within only a few months and we anticipate all the remaining vacant space will be sold by the end of the first quarter 2007," Michael Rudder, director of office leasing and sales for Time Equities, says in a release.
In return, Time Equities purchased 185,000 sf of office condo space at 633 Third Ave from ESDC for $100 million. Time Equities will take floors 31 through 39, although ESDC has re-leased floors 38 and 39 for another four years and the comptroller's office will remain on floor 31.
Time Equities plans to lease the remaining space due to the high demand in the Grand Central area. "We are expecting a feeding frenzy for this exceptional opportunity," Rudder says. "I received numerous calls regarding the availability of the tower floors even prior to close of the acquisition."
CEO of Time Equities Francis Greenburger represented the company. William Shanahan, partner with CB Richard Ellis, represented the ESDC.
For the Downtown deal, Rudder represented the Time Equities while Bruce Surry and timothy Dempsey of CBRE represented ESDC.
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