CME Group Leases Office at 370 Lexington Avenue
By Alessia Pirolo September 18, 2012 3:08 pm
reprintsThe real estate investment and development firm Sherwood Equities has announced that the risk management firm CME Group has recently leased a 5,031-square-foot office space at 370 Lexington Avenue, at the corner with East 41st Street.
CME Group is keeping its base at the NYMEX World Financial Center headquarters. In the new location, just one block from Grand Central Station, the company is replacing its former subsidiary Credit Market Analysis (CMA), which was recently sold to the financial information and education company McGraw-Hill. “They wanted to keep a presence in the Grand Central, Midtown market,” said Adam Weissleder of Sherwood Equities’ on-site leasing team, who represented the owner on this deal, together with Jill Burrowes. “It was kind of a no-brainer to keep a portion of the space and make it their own,” Mr. Weissleder added.
The new office is on part of the second floor, and a portion of the above 8,000 square feet previously occupied by CMA. The asking rent was $52 per square foot, and the rent will be in the high $40s. CME Group has signed for a lease of five years and eight months and has just moved in.
370 Lexington Avenue offers pre-built luxury suites that are available from 500 to 5,000 square feet with high-tech amenities and skyline views. The building has an occupancy rate of 98 percent.
Established 60 years ago, Sherwood Equities is the owner of properties such as 1 Times Square, 2 Times Square and 1600 Broadway. The firm is a major player in the developing of the High Line and Hudson Yards area.
Holly Duran of Real Estate Partners represented CME Group.
apirolo@observer.com
