Marketing and branding agency Escalate has signed an 11-year lease for 9,750 square feet across the ground floor and mezzanine of 5 Hanover Square where asking rent is in the mid to high-$30s.
As part of the lease, Escalate will have a private entrance to the building on Beaver Street. The marketing agency will build out its office space with an open layout, according to Andrew Kurd, associate at Savanna, the landlord.
“We’re looking forward to having Escalate in the building,” Mr. Kurd told The Commercial Observer. “We’re excited for them to move in.”
The property at 5 Hanover Square, which Savanna acquired in late 2010, was the recipient of a recent $7 million capital improvement plan that included a new cooling tower, modernized elevators and a fully remodeled lobby.
The Escalate lease brings the 25-story office property to 96 percent occupancy, with two available spaces currently being marketed—a 7,105-square-foot prebuilt space on the 22nd floor and a fully furnished 6,203-square-foot space on the 5th floor. Proposals are expected on each in the coming weeks, according to Mr. Kurd.
Frank Cento, Jonathan Fein and Carlos Suarez of Cushman & Wakefield represented the landlord. David Menaged of Intrepid Real Estate Group represented the tenant.
As reported by The Commercial Observer, law firm Jones Jones doubled its space at 5 Hanover Square to 9,215 square feet in August.