Rendering of 28 Liberty St./ Image provided by Fosun Five Holdings
NEW YORK CITY—The New York County Lawyers Association has inked a deal with Fosun Property Holdings for 18,958 square feet on the ninth floor of 28 Liberty Plaza. The lease is for 15 years. Asking rents in the building are in the high $50s to the high $70s.
Fosun Property Holdings is the property investment and management division of Fosun Group, a family, multinational company that's listed on the Hong Kong Stock Exchange. The company's total assets were worth US$ 93.1 billion as of December 31, 2018.
NYCLA is remaining in Lower Manhattan, moving from 14 Vesey St., a four-story, 89-year-old building that's between Church Street and Broadway.
Another new tenant, Direct Energy, has leased 6,327 square feet also on the ninth floor. The North American energy company, which is a division of Centrica, signed a seven-year lease. They plan to move in by the end of this year.
Bo Wei, chief executive representative of Fosun International in the US and VP of Fosun Hive Holdings, points to the building's office, retail and dining and extensive nearby mass transit as strengths attracting the tenants. He adds, “The property offers world-class architecture, state-of-the-art infrastructure and exciting cultural and community events.”
Thomas Costanzo, managing director of leasing for Fosun, represented the property owner in the transactions. JLL's Peter Riguardi, Mitchell Konsker, John Wheeler, Michael Berman, Daniel Turkewitz and Eliza Akers also represented Fosun. CBRE's Michael Geoghegan represented NYCLA. Nathan Katz, also with CBRE, represented Direct Energy.
In the past few years, Fosun has leased more than 1.4 million square feet of office space at the Financial District office tower. The New York State Attorney General's office has leased 340,000 square feet. The media company Wolters Kluwer has leased 130,000 square feet. The London Stock Exchange is occupying 75,000 square feet, and Booking.com is taking up 53,000 square feet. Fosun also managed in-house the construction of 600,000 square feet of turnkey fit-outs.
Fosun recently completed Marketplace 28, a 200,000-square-foot retail space at the base of the building. Alamo Drafthouse Cinema has leased 40,000 square feet in Marketplace 28, planning to open a 600-seat, 10-screen theater in Q4 2019. Legends Hospitality will also operate a 35,000-square-foot culinary and live entertainment space to be designed by Jeffrey Beers in the marketplace.
At the base of the tower, the landmarked plaza features a schedule of programming of arts and culture, a food festival and community events. This includes the annual Sing for Hope Pianos where local artists create and display pianos on the plaza that are eventually donated to New York City public schools.
Danny Meyer's Union Square Hospitality Group's restaurant, bar and event venue, Manhatta and Bay Room, are at the top of the tower.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
