Piedmont Extends State's 480,708-SF Lease

[IMGCAP(1)]NEW YORK CITY-Piedmont Office Realty Trust Inc. has signed a five-year lease extension with the State of New York for 480,708 sf in Lower Manhattan. The state will also have a five-year renewal option at the 39-story office tower at 25 Beaver St., also known as 60 Broad St.

Piedmont sources were unable to answer GlobeSt.com queries before deadline. Unidentified broker sources tell GlobeSt.com that asking rents for the property are $45 per sf. Deborah Jackson, executive managing director of locally based Weiser Realty Advisors, tells GlobeSt.com that average asking rent for office space in the Financial District at year end of 2007 was $50.29 per sf for class A space and $42.10 per sf for class B. “Clearly, this can vary by building, by the size of the space being leased, the term and by any concessions being given,” she says.

The property was built in 1962, but was renovated in 1997, the year the state agencies moved in. Tenants at the one-million-sf building include five agencies of the New York state government: Court Administration, Housing & Community Renewal, Insurance, Commission for Blind & Visually Handicapped, and Lottery.