Terry Hines & Associates will be relocating its office downtown.
The firm had been previously located along the Park Avenue South corridor at 440 Park Avenue but will be moving into an office in 90 Broad Street. The building, owned by Swig Equities, has been redeveloped and underwent a $12.5 million capital improvement program within the past decade.
“[Terry Hines & Associates'] lease was expiring, however, our primary objective was to find a space that was more efficient, so that everyone was within close proximity of each other, which studies have shown can increase productivity,” said Reggie Wills, an associate at Cushman & Wakefield, who represented the tenant in the transaction.
The new office will span 3,100 square feet on a portion of the ninth floor at 90 Broad Street. The asking rent for the space was reported as $35 per square foot.
“After exhausting all options throughout Midtown South market, I proposed the idea of touring downtown,” he continued. “Having done brokerage in the downtown market, I was familiar with the value to be had, especially with some of the pre-built programs that landlords were offering at highly competitive prices.”
Mr. Willis was the sole broker representing Terry Hines & Associates on the transaction. He worked with Ed DiTolla of Jones Lang LaSalle, the exclusive broker for 90 Broad Street, in negotiating a deal.
“I think this is just another prime example of tenants in both Midtown and Midtown South, that have had to give the idea of relocating Downtown much more consideration than in years past due to extreme low vacancy and better cost alternatives,” Mr. Wills added about the deal.