A spokesman for Instinet confirms a report on the Crain's website, which says that his firm will gradually move 300 employees into floors three through five at the 41-story office tower, beginning next spring. The Instinet spokesman declines further comment. The deal was first reported in the New York Post last week.
According to Crain's, Instinet will be taking over space at 1095 Sixth Ave. that was leased but never occupied by Centerline Financial, a division of Centerline Capital. A key factor in the move to 1095 Sixth was the power and generator space at the former Verizon Building, which will support a trading floor for Instinet.
Merrill Roth, vice chairman at Newmark Knight Frank, who along with law firm Herrick Feinstein represented Instinet, tells GlobeSt.com the tenant will be paying "in the high $70s" per square foot for its new space. When Centerline leased the space two years ago, it went for $125 per square foot, according to published reports.
A CB Richard Ellis team including Robert Alexander, tri-state chairman, EVP Robert Stillman and first VP Zachary Freeman represented the Blackstone Group, which acquired the 1.3-million-square-foot tower near Bryant Park in 2007 as part of its February 2007 merger with Equity Office Properties. EOP had begun a $250-million recladding of 1095 Sixth, since completed, prior to the merger with Blackstone.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
