The Orange Country, CA-based company, which currently occupies several New York City locations, will be consolidating its operations in the New York Times Building and nearly doubling its Manhattan space. The company needs the additional space in the city to accommodate the growing number of international mediation and arbitration cases it handles, which originate from the many international companies and law firms here. The new space will include expanded arbitration hearing rooms, a significant number of smaller caucus rooms, and a cafe for its clients.
Although lease terms were not disclosed, Cushman & Wakefield, who was not involved in the lease transaction, tells GlobeSt.com that average asking rents in the Times Square South area are roughly $66.86 per sf., although CB Richard Ellis, who represented part-owner Forest City Ratner Cos. in the deal, tells GlobeSt.com that that specific building has an average asking rents of $95 per sf.
MaryAnne Gilmartin, EVP, director of commercial & residential development of FCRC, says, "I'm very pleased that JAMS has chosen to make the new New York Times Building its home. The building has already become an unmistakable part of the city's skyline and is quickly becoming an integral piece of its midtown neighborhood."
The 1.5-million-gross-sf New York Times Building is jointly owned, as condominiums, by the New York Times Co. and FCRC. The Times Co. owns floors two through 27 and FCRC owns floors 29 through 50 and floor 52, as well as 21,000 sf of retail space on the ground floor. Floors 28 and 51 are jointly owned by the Times Co. and FCRC.
JAMS president and CEO, Steve Price says, "During the past 10 years, JAMS has seen dramatic growth in its business and New York has been at the forefront of that development. We recognize the need for our clients and arbitrators to expand our presence in New York, and we are thrilled to be in a showcase office tower like the New York Times Building."
With the JAMS signing only the 35th and 44th floors remain. Scheduled to hold a grand opening later this fall, the building features a double-skin curtain wall of clear glass covered with a screen of ceramic rods.
Forest City Ratner Cos. was represented in the negotiation by CB Richard Ellis. CB Richard Ellis' Midtown operations and UGL Equis' New York office collaborated in negotiating the long-term lease on behalf of JAMS.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
