The deal carries a 10-year, 10-month term. Leon Manoff, executive managing director, and Jared Freede, associate, of GVA Williams, along with Brent Zylberberg of GVA Devencore repped DBRS. "140 Broadway satisfied all of DBRS' needs," Manoff says. "The agency required single-floor occupancy in a first class building centrally located within Downtown."
Cushman & Wakefield's Robert Constable, executive director, and Louis D'Avanzo, executive director, brokered the lease for the landlord, Deutsche Immobilien Fonds AG, part of the Union Investment Group of the Volks-und Raiffeisenbank Association. "DBRS is perfect fit for one of the Downtown's premier assets, and will fit nicely into the mix of leading financial and legal services firms that currently occupy the building," Constable says.
The 1.2-million-sf, 51-story office tower is between Cedar and Liberty streets. According to C&W's website, 140 Broadway is 93% leased, with 117,475 sf available.
A spokesman for GVA Williams did not disclose the rental rate on DBRS' lease was not disclosed. However, according to CB Richard Ellis, rents for Downtown Manhattan cracked the top 50 in its Global Markets Rents survey, coming in at No. 48 with average price per sf of $41.99, as GlobeSt.com previously reported.
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