"General Motors has been a tenant at 767 Fifth for a number of decades," says Peter Riguardi, president of Jones Lang LaSalle's New York office, in a release. He adds that GM has developed "a comfortable relationship" with the property's current ownership, which purchased the two-million-square-foot office tower for $3.95 billion last year. GM has been a tenant at 767 Fifth since the property opened in 1968, and occupies three full floors there.
Citing unnamed sources, the New York Post reported earlier this week that the deal includes an extension option as well as a work letter. The Post also reported that taking rent for the 767 Fifth renewal was considerably less than the $110 per square foot that GM would have paid for space at another Boston Properties building, 601 Lexington Ave., where it had planned to move before filing for bankruptcy.
A JLL team including Riguardi, managing director Michael Shenot and SVP Lloyd Desatnick represented GM in negotiations. Boston Properties was represented in-house by Robert Selsam and Andrew Levin.
In another deal arranged by JLL, NYC Office Suites has signed an 11-year sublease with Harper Collins at S.L. Green Realty Corp.'s 1350 Ave. of the Americas. The 74,754-square-foot space encompasses three full floors.
JLL VP Sean Black says in a release that NYC Office Suites, which provides turn-key office space, have considered opening another Manhattan location for some time "but instead chose to wait for the right market conditions to arise in order to pursue a true value-oriented transaction." Terms were not disclosed; Black says in the release that the sublease deal provides "very competitive rates."
Black and JLL managing director Scott Panzer represented NYC Office Suites. Harper Collins was represented by Joseph Harkins, executive managing director with Grubb & Ellis.
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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.
