NEW YORK CITY-General Reinsurance Corp., a Berkshire Hathaway subsidiary, has signed on to lease 56,106 square feet at 125 Broad St. in Lower Manhattan. The deal is for 21 years, eight months and will allow Gen Re to consolidate two other Manhattan locations.
“We are proud to welcome Gen Re to our portfolio of class A properties,” Mack-Cali president and CEO Mitchell E. Hersh said in a release announcing the deal. “The location and amenities offered by 125 Broad St. make it one of Downtown Manhattan’s premier business addresses.”
According to the Mack-Cali website, those amenities include proximity to transportation options and the city’s commercial revitalization program, which offers tenants incentives in order to increase occupancy in office and retail space in the area.
John Picco, Peter Van Duyne and Thomas Kaufman at Cushman & Wakefield represented Gen Re in the deal, while CB Richard Ellis’ Mark Ravesloot, Peter Turchin, Gerry Miovski, Zachary Freeman and Christopher Levinson represented Mack-Cali.
The building is currently the only Mack-Cali-owned property in Manhattan and it is 92% leased, a Mack-Cali spokesperson tells GlobeSt.com. A spokesman for Gen Re declined to comment on the deal.
According to published reports, another insurer, CNA Financial, will join Gen Re at the 125 Broad St. location.
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