Leases Pending for Part of Midtown’s Biggest Sublease Space
By Dana Rubinstein October 6, 2009 2:42 pm
reprints
Two new tenants are chipping away at midtown’s largest block of sublease space.
Both the Australia and New Zealand Banking Group and law firm Cozen O’Connor have leases pending for a total of three floors, or 69,000 of the 400,000 square feet that JPMorgan Chase (JPM) is trying to get off its books at the coveted 277 Park Avenue, according to three industry sources.
The Banking Group has a lease out for one of 277 Park’s 23,000-square-foot tower floors; Cozen has a lease out for two of 277 Park’s tower floors, totaling approximately 46,000 square feet.
This could be excellent news for both landlord Stahl Real Estate and sublandlord Chase, which is represented by Cushman & Wakefield, as the building has the ignominious distinction of holding the largest sublease space available in the city’s top submarket.
This would also be the second major real estate move for Cozen in the past half year. This summer, the New York Post reported that Cozen, also represented by Cushman, had signed a lease renewal and expansion for a total of 48,000 square feet downtown at the Lawrence Group’s 45 Broadway.
No one at Cushman & Wakefield, nor Jones Lang LaSalle, which is representing the Banking Group, would comment for this story.
drubinstein@observer.com
