McGivney and Kluger Expand at 80 Broad Street
McGivney and Kluger have inked an expansion deal on their lease at 80 Broad Street.
The insurance defense firm started in 1994 as a small law firm in Florham Park, New Jersey. It has since opened twelve offices across the nation in metropolitan regions such as Boston, Philadelphia, Fort Lauderdale, Syracuse, San Francisco, and, of course, New York.
The firm is now increasing their foothold to 22,000 square feet in the building. John Moran and Fred Trump of Newmark Grubb Knight Frank represented the firm in the transaction. Todd Korren, in-house broker and a principal at Savanna, was on the opposite side of the table. The asking rent for the space was $36 per square foot.
“Savanna acquired 80 Broad Street in September of 2011 and immediately took the building off the market to implement a major capital improvement program, which includes a $19 million investment in building improvements and renovations to tenant spaces,” Mr. Korren noted about the building in response to an older lease deal, “Savanna’s capital improvement plan also includes comprehensive building upgrades with fully modernized elevators, a renovated lobby with enhanced lighting and restored stone detailing, refurbished common area bathrooms, and new common corridors.”
Since the capitalization program, Savanna has placed the building back on the market with about 150,000 square feet of available space in pre-built suites throughout the building.
Savanna will put forth the same capitalization effort in their latest acquisition, 576 Fifth Avenue. The company first took the defaulted first mortgage earlier this year and has since acquired the building. Cushman & Wakefield is set to manage the property with Savanna’s in-house team brokering the lease deals.