Under the deal, Vontobel will occupy 18,380 sf for 10.5 years. The company expects to take the entire 38th floor when it relocates from its 10,000-sf space at 450 Park Ave in March. Rental rates were not released.
"The deal started out as a sublease transaction, but during negotiations the building was sold and the new owner took back the space," says Jane Roundell, senior vice president at Cresa Partners, in a statement. "Subsequently, since Vontobel was still interested, we renegotiated a direct deal with the landlord." Roundell and Scott Savin, senior vice president at Cresa Partners, repped Vontobel. Leasing director Joseph Artusa repped EOP.
EOP took title to office portion of 1540 Broadway in July, with Vornado Realty Trust acquiring the retail, signage and parking components. The deal was totaled at $525.1 million, as GlobeSt.com previously reported.
The Midtown property was previously known as the Bertelsmann Building, reflecting its prior owner. As part of the sale, Bertelsmann agreed to move out of the building, vacating 260,000 sf. Vontobel's lease is the third aimed at filling that space that EOP has signed since taking title. In November, EOP announced three leases that would bring the first new tenants to the building under its ownership. Details on two of those leases were released--Hodgson Russ LP's 27,303-sf deal and Whatley Drake & Kallas' 18,380-sf deal, as GlobeSt.com previously reported. Vontobel's deal is completes the trio. The building is now 82% occupied.
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