Financial services firm Sterne Agee has inked a 9-year expansion for 23,000 square feet at 277 Park Avenue, Andrew Sachs, executive director at Cushman & Wakefield, who represented the tenant, confirmed with The Commercial Observer. Asking rents in the building range from $65 to $85 per square foot depending on location, he noted.
Currently, Sterne Agee occupies 46,000 square feet in the building on the 24th and 25th floors. The new lease does not include a renewal for the previous space, according to Mr. Sachs. The firm moved to its current location in 2011.
“[Sterne Agee] is a fairly opportunistic organization that is seeing growth across a number of different business lines,” Mr. Sachs said. “It was a shrewd move on their part.”
Cornerstone Real Estate Advisers has selected Cassidy Turley as the new leasing and management agency for 551 Madison Avenue, it was announced today. The 150,000-square-foot property is located at the corner of 55th Street.
Cornerstone acquired the building in a transaction that closed at the end of December 2012, Jim Frederick, executive managing director and principal at Cassidy Turley, told The Commercial Observer earlier today.
The building was previously managed by Jones Lang LaSalle and leased by Cushman Wakefield, Mr. Frederick said. The sale was handled by CBRE.
Former municipal space at 345 Adams Street in Downtown Brooklyn is nearly fully leased, thanks to two new deals at the building. The leases leave the retail space’s vacancy at just 1,000 square feet.
Muss Development bought the space—the first two floors—in 2007 and is undertaking a multi-million dollar capital campaign to convert the floors for retail use. A total of 35,785 square feet of retail space there was involved in the project, heralded by the city’s Economic Development Corp. as an important component of Downtown Brooklyn’s future.