Platinum Underwriters Reinsurance To Leave Brookfield Place for 26,206 Square Feet at 140 Broadway
Billy Gray March 14, 2013, 8 a.m.
Platinum Underwriters Reinsurance signed a 10-year, 26,206-square-foot lease at 140 Broadway, The Commercial Observer has learned. The deal will bring the company to the entire 42nd floor of the building from its current space at Brookfield Place (formerly the World Financial Center), where it had been a tenant for over 10 years.
Studley Senior Managing Director John Johnson and Executive Managing Director Marc Shapses represented the tenant. Cushman & Wakefield Executive Director of brokerage Bob Constable and Willard Overlock represented the landlord, 140 BW LLC. Mr. Constable said that asking rents were in the mid-$50 per square foot range.
“The property is very well-located for mass transit, and having the entire floor was very appealing to Platinum,” Mr. Shapses said. “Also, the views are phenomenal. All in all it was the right fit in a Class A building.”
Mr. Shapses explained that Platinum is on a Merrill Lynch sublease set to expire this October.
The 51-story, 1.2-million-square-foot 140 Broadway is located between Cedar and Liberty Streets, and across from Zuccotti Park. It’s also near two emerging transportation hubs: Fulton Center and Santiago Calatrava‘s PATH station.
“We’re extremely active here,” said Mr. Constable, who has worked with the landlord since it acquired the building in early 2004. “We’ve signed a number of leases in the last six months–including Sirius America Insurance Company–and are actively negotiating three right now. I hope two of them close in the next week or two.”