Charles Cammack Associates Renews at 2 Rector Street
Michael Ewing Aug. 31, 2012, 1:24 p.m.
Charles W. Cammack Associates has renewed its lease in the Financial District.
The employee benefits and online information management, retirement plan, and financial planning advisory firm will maintain their 19,500 square foot space that spans the entire 23rd floor of 2 Rector Street.
Gabe Marans and Greg Toubin of Studley helped secure the renewal for the tenant. A leasing team from Jones Lang LaSalle consisting of Mitchell Konsker, Scott Cahaly and Brian Reiver represented the landlord, Stellar Management.
The deal comes amidst recent efforts to bolster the occupancy rate in the building. After New York City’s Department of Transportation left in 2009 when their lease expired, Stellar Management struggled to maintain its debt obligations and payments.
Stellar Management sought to organize its balance sheets and restructured their mortgage and strengthened their financial stability through an affiliate of Savanna, one of the largest property owners in the Financial District.
The aggressive restoration campaign increased occupancy from mid 70s to low 80s, but Stellar Management remained unable to cover its debt payments, according to The Wall Street Journal. Savanna is said to be throwing in more money in effort to recapitalize the building, a source briefed on the status on the building told The Journal.
Savanna’s presence has increased in the Financial District in recent years after acquiring 100 Wall Street and 80 Broad Street. The buildings, once struggling, underwent capital investment and prebuilt programs are at the forefront of their modernization and marketing efforts.