News
MILES' NEW HOME
May 24, 2011
| And you thought no one was doing deals downtown. Late last week,Miles & Stockbridge took the last of Legg Mason's old space at 100 Light St. off the market, agreeing to lease 108k to 120k SF. |
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| Cassidy Turley's David Downey (who repped the landlord, Lexington Realty Trust, with colleagues John Schulze and Matt Seward) tells us leasing up Legg's space took only 20 months, David says, remarkable considering vacancy for Class-A product in the CBD is north of 19%, according to C&W's latest data. David says only 21k SF is left in the building, including the 25th floor (marketed at $31.75/SF). Miles & Stockbridge's Bill Psillas says demand for more open space and a lack of acceptable space drove the deal. The firm is vacating the 130k SF it has occupied for 79 years at 10 Light St. The new 15-year lease starts in April 2013 and has two five-year renewal options. Manekin's Bob Manekin initiated a JV with JLL's Mike Singer and Elizabeth Cooper to represent the tenant (he and Elizabeth once worked together at Staubach). |
