Lease Beat

25K-Foot Lease in Stellar’s 2 Rector

2 rector 25K Foot Lease in Stellars 2 Rector Ithaka, a nonprofit in new technologies in the academic field, has signed a large 25,462-square-foot lease at 2 Rector Street in Lower Manhattan, The Commercial Observer has learned. The value of the transaction, which will allow the non-profit to relocate from its current digs in midtown, commanded approximately $37 per square foot, brokers said.

Cushman & Wakefield’s Frank Cento represented building owner Stellar Management, whose roster of tenants at the tower also include architect Daniel Libeskind, Skanska and Bank of America Merrill Lynch.

“We have significantly upgraded the tenancy at 2 Rector Street,” Mr. Cento said of the 430,000-square-foot, 26-story office building. “Tenants have really gravitated towards our prebuilt units, which make it seamless for them to relocate into this one-of-a-kind building. We expect our turnkey program to yield even more new arrivals over the summer.”

jsederstrom@observer.com