First Investors Management Company has inked a deal for office space in the Trump Organization‘s 40 Wall Street.
The financial services firm will relocate its headquarters from 110 Wall Street to 40 Wall Street in favor of a 36,490 square foot space. Firm officials will spend the summer gutting and renovating the place, slating to move in in the middle of September.
“We’ve leased over 600,000 square feet since taking over the building five years ago,” said Jeffrey Lichtenberg of Cushman & Wakefield. “Weidlinger Associates, an engineering firm, took 61,000 square feet and Duane Reade has a 25,000 square foot retail space below.”
“Duane Reade was taking the retail space and I forced them to go up and look at the space in the building,” Mr. Lichtenberg added jokingly. “So I took them and we made it happen.”
In addition to taking the massive 25,000-square-foot retail space, Duane Reade signed a deal for 55,000 square feet for its headquarters. The latest downtown school Green Ivy will also be taking 80,000 square feet in the building to house a pre-K through 8th grade school. For Green Ivy, the landlord built a building within a building with an exclusive entrance on Pine Street for the tenant, explained Mr Lichtenberg.
“We’re very aggressive and we’ve getting great rents,” said Mr. Lichtenberg. “We’re easy to deal with and the Trump Organization makes it pleasant. Several brokers have done multiple deals with us, like Marc Shapses who has done about three or four.”
Mr. Lichtenberg worked alongside colleague Jared Horowitz in representing the landlord, the Trump Organization. Marc Shapses of Studley represented the tenant and could not be reached for comment.
The building is currently 92 percent leased and another round of marketing efforts is set to commence soon. The asking rents for the main part of the building are generally in the $30s, with First Investors Management Company’s asking rent at $35 per square foot. The upper floors in the tower shoot upward to $45 per square foot.