Peter Riguardi, who heads the leasing team for 40 Rector, tells GlobeSt.com, "We're very enthusiastic about the amount of interest we've seen." Much of the attention has come from service companies, government agencies and not-for-profits, adds Riguardi, president of the New York tri-state region at JLL.
Through the JLL team, Philips is marketing 40 Rector as representing one of the largest blocks of contiguous space available Downtown, with floor plates of 33,000 square feet. It also affords prospective tenants an opportunity to lease the entire building, including corporate signage.
In a release, Riguardi cites the property's visibility from the West Side Highway as a branding opportunity for a full-building tenant. He adds that its rents are "significantly more competitive" compared to Midtown. Riguardi declines to give GlobeSt.com specifics on asking rents at 40 Rector.
The 89-year-old 40 Rector, which was originally designed by Warren & Wetmore and renovated in 1971, is undergoing a multi-phase, multi-million-dollar makeover that will give it a new front entrance, lobby, windows, common corridors, bathrooms and base building systems, along with upgraded elevator cabs and systems. Designing the property's new look is architectural firm Andrés Escobar & Associés.
Located a few blocks south of the World Trade Center between West and Washington streets, the property is notable for its convenience to mass transit, Riguardi says. That includes PATH access from the WTC and subway access from the R, W and 1 lines to Rector Street and the 4 and 5 lines to Wall Street.
The property is also convenient to high-end residential buildings and a number of luxury retailers, according to a release. Around the corner will be the Moinian Group's 57-story W New York Downtown Hotel & Residence at 123 Washington St., which is expected to open in the fall of 2009.
Along with Riguardi, the JLL team handling the 40 Rector assignment includes managing director Lawrence Tannenbaum, EVP John Moxley and Christopher Krantz, SVP for New York operations.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
