In a deal that will likely be greeted as a sign of stability for both the building at One Broadway and downtown in general, law firm Kenyon & Kenyon is close to renewing its lease to occupy the entire 12-story building.
Sources said Kenyon made the rounds for other space, but added that talks to renew its lease for nearly 200,000 square feet have been underway for some time. Pricing starts in the high $30 range before rising to the $40s over the 10-year lease.
In addition to the law firm, the limestone building with harbor views also includes a Citibank branch.
Kenyon & Kenyon was represented in the new deal by Steve Siegel, David Hollander and Andrew Sussman of CB Richard Ellis, while the building’s owners were repped by Mark Jaccom and Brian Feist of FirstService Williams, which changes its name to Colliers International next month. Law firm Fried Frank did the legal work for the tenant, while Chadbourne Park repped the offshore owners. No comments all around.
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The Turkey-based Kiska Development has bought the development site at the northwest corner of 56th Street and Lexington Avenue for $33.9 million, or $386 a square foot.
The lot can accommodate 88,000 square feet of development, and while the expectations are that the space will hold a hotel, its flexible zoning means it could host offices, retail or residential.
Kiska, which is led by Kagan Gursel, created the Marmara-Manhattan extended stay hotel on East 94th Street, which was converted from a condominium. Gursel runs Marmara out of Istanbul.
The site encompasses seven vacant small buildings and runs from 678, 680, 682 and 684 Lexington Avenue around the corner to 131, 122 and 135 East 56th Street.
Eastern Consolidated’s Ronald Solarz and Eric Anton represented the seller and the buyer in the transaction, while Alan S. Cohen, Gregg Schenker and Steven Hornstock of ABS Partners Advisory Services served as an adviser on the deal.
A related ABS Partners unit, ABS Partners Real Estate, will continue to manage the property.
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It turns out the amazing rain over the weekend wreaked havoc at 140 Broadway, which will remain closed until next Tuesday.
Excess water created a flood into underground Con Edison vaults, triggering an electrical fire in an equipment room in the building, followed by smoke damage.
The end result is that the 1.2 million square foot building is off limits to tenants, including anchor tenant, Wall Street firm Brown Brothers Harriman, which has moved to backup space in New Jersey.
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Norman Sturner‘s Murray Hill Properties TCN is moving to 277 Park Avenue for the next 11 years.
The company is now on three floors at 1140 Sixth Ave., which was sold to Larry Gluck.
Sources said Mur ray Hill is building out its 21,300 square foot space on the 21st floor of the Stahl Real Estate-owned, hi-rise.
Roxana Girand did the work in-house for Murray Hill. The sublandlord is JPMorgan Chase.
No one returned calls for comments.
