News
FLIGHT TO QUALITY
December 1, 2008
| If there’s a silver lining for anyone in today’s market, it’s for tenants.Declining rents and ample dispositions now offer a flight to quality and opportunities in spaces that may not have been possible before. We found one such deal—140k SF of contiguous space in the trophy 7 World Trade Center, likely the only Class A+ office sublet of that magnitude available downtown. We dropped in on Grubb & Ellis subleasing agents Barry Lewen and Joe Harkins to find out more. |
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| ABN AMRO inked a deal with Silverstein before RBS acquired the firm. Now the investment banking staff who would have occupied the 30th, 31st and 32nd floors of 7 WTC are moving to new RBS digs in Stamford , Conn—leaving this space open for sublease until 2022. Barry and Joe won’t divulge the asking rent, but say it’s 50% cheaper than comparable trophy space in Midtown. |
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| The LEED Gold property has new safety standards, and features 10-foot finished ceilings, column-free floors, 360-degree views and modern HVAC and electrical systems. It also has dedicated fuel and generator infrastructure in place, extra power, and provisions for a venting system that would allow a full kitchen. It’s also close to 15 subway lines , PATH, ferries and 24/7 amenities from TriBeCa to Battery Park City. |
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| Joe has been involved with 7 WTC (second to right) for a long time. After 9/11, he spearheaded the emergency procurement for the SEC to move from the prior 7 WTC to the Woolworth Building (later repping the agency to 3 World Financial Center). The execs tell us they’ll soon be marketing another cache of downtown space, but they’ll only hint it’s another “lucky #7.” (Poke Joe and Barry to see if you can get it out of them.) |
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| The duo has returned from a busy holiday: Joe celebrated Thanksgiving in“Brady Bunch” fashion with his two children,his girlfriend and her three kids, and his family. Barry’s two college-aged kids came home for turkey, with one making themomentous first trip from freshman year. |
