Asking rents at the property owned by Tishman Speyer are $67 per sf. The firm leased on a direct basis part of the eighth and the entire ninth floor totaling 43,000 sf and subleased 22,000 sf on part the 18th floor in the 32-story building.
The firm will begin its move later this year from its current local headquarters location at 111 W. 57th St. Next year all of its current 300 employees based here will be relocated to 11 W. 42nd St.
Brian Feist, senior managing director, of GVA Williams, represented KPF. "Together Tishman Speyer and GVA Williams had the vision to lease the space to KPF 18 months prior to its delivery," Feist says. "The space fits their needs. KPF went from 50,000 to nearly 65,000 sf with this move. It was a win-win scenario for both parties."
Feist tells GlobeSt.com that it was hard to find the space and even harder to find a landlord to make a forward commitment. "To move to 42nd Street between Fifth and Sixth avenues allowed the firm to stay in Midtown Manhattan and closer to Grand Central; the floorplates laid out well for their operation."
New York University occupies part of the 11 W. 42nd St. building as does Martha Stewart Living and CIT Group Inc. Handling the transaction was Greg Conen, senior director at Tishman Speyer. Andrew Herz, ESQ, of Patterson Belknap Webb & Tyler, LLP was the legal consultant for KPF.
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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.
