All in the Family: Construction Company Secures New York Office
Gus Delaporte June 13, 2013, 7:30 a.m.
LPCiminelli Inc., a Buffalo-based construction company, has signed a 5-year lease for 5,836 square feet on the 35th floor of 1250 Broadway. Asking rents were in the mid-$50s per square foot.
The deal with brokered on the tenant side by Kyle Ciminelli, managing director at Newmark Grubb Knight Frank and nephew of the LPCiminelli’s owner, Louis Ciminelli.
“Representing a family member is always fun,” Mr. Ciminelli told The Commercial Observer.
LPCiminelli has recently expanded its presence in the Tri-State region, winning a number of projects in the area and the growth necessitated a New York office.
“They’re doing some work at the race track at the Meadowlands,” Mr. Ciminelli noted. “They’re looking to go after some more city-wide business.”
The lease was signed last month and LPCiminelli is expected to occupy its space in the fall of this year following a build out by the landlord, a partnership between Jamestown Properties and Murray Hill Properties.
“It was a pleasure working with Jamestown, they’re a great landlord to work on a deal with and handled the process fantastically,” Mr. Ciminelli said. “It’s rare for the landlord to offer a turnkey on a five-year deal.”
Built in 1969, the 39-story building at 1250 Broadway offers floor plates ranging from 15,000 to 26,500 square feet. Last month, office provider Regus leased the building’s entire 15,356-square-foot 36th floor.
Mr. Ciminelli and David Falk of NGKF represented the tenant. The landlord was represented by Mitchell Arkin, Peter Alden and Michael Blanchard of Cushman & Wakefield.
C&W did not return requests for comment.