NEW YORK CITY-Along with ALM's 90,000-sf lease at 120 Broadway as GlobeSt.com exclusively reported, Dealogic is taking 40,000 sf at the Silverstein property as well. The investment banking and technology company has added another 12,000 sf as part of a lease renewal that brings its total commitment in the landmark building to approximately 40,000 sf. With these two lease agreements, the historic office tower is virtually at full occupancy.
For the past 11 years, Dealogic has had its New York City headquarters on the 10th and 11th floors of 120 Broadway. The company has been experiencing consistent growth in both Manhattan and globally and expects to continue growing and expanding its operations going forward.
“The expansion at 120 Broadway is a long-term investment in the future of our firm and provides our staff with the first class facilities that will allow us to continue delivering the client support, content and software which make us the leading technology firm in the market in which we operate,” notes Tom Fleming, CEO of Dealogic, in a prepared statement. The company is consolidating its New York City office, which currently houses 173 employees. The new space provides room for expansion to 300 staff in the future.
Roger Silverstein of Silverstein Properties handled the negotiation of the lease agreement for Silverstein. Marc Shapses, executive managing director at Studley Inc., represented Dealogic. The company signed a 15-year lease to occupy nearly the entire eighth floor.
“Dealogic, which experienced three prior expansions within the building, was situated on two separate floors at 120 Broadway at the time of this fourth expansion,” Shapses explains. “Our mandate was to explore a variety of options for the client, namely relocating to other buildings and possibly even other areas of Manhattan. Being able to operate more efficiently was high on their list of 'must haves.' Ultimately, we determined that remaining at 120 Broadway by consolidating into 40,000 sf on one floor was the most cost effective and practical option.”
Silverstein Properties, owner of 120 Broadway, recently completed a $60-million renovation program for the structure, a 1.8-million-sf National Landmark building. Current tenants of 120 Broadway, also known as the Equitable Building, include the Attorney General of the State of New York; Alliance for Downtown New York; Spear Leeds & Kellogg; Emmet, Marvin and Martin; and the Securities Industry Association.
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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
