JAMS Leases 31,000 SF at Times Building

NEW YORK CITY-JAMS, The Resolution Experts, a leading national mediation and arbitration firm, has agreed to lease more than 31,000 sf of space in the New York Times Building nearing completion at 620 Eighth Ave. With this signing, office space in the 52-story tower is now approximately 90% leased.

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.