Three New Tenants Sign On at RFR’s 17 State Street
By Gus Delaporte November 5, 2013 3:15 pm
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National Liability & Fire Insurance Company has signed an 8,511-square-foot lease on the 22nd floor at RFR Realty’s 17 State Street, the landlord announced today. The deal for the Berkshire Hathaway (BRK.A) company is the largest of three new leases at the Lower Manhattan property.
“The momentum at 17 State Street continues to be outstanding,” said Steve Morrows, executive vice president and director of leasing at RFR, in a prepared statement. “In addition to the deals announced today, there are leases out with four more tenants totaling an additional 40,000 square feet.”
Elsewhere in the building, Hale Capital Management signed a 3,898-square-foot deal on the 32nd floor. The financial services company will relocate to a new prebuilt office from its tower floor space at the General Electric Building at 570 Lexington Avenue.
Charlestown Capital Advisors has also elected to trade Midtown for the Financial District, signing a lease for 2,000 square feet on the 38th floor at 17 State Street. The private investment and merchant banking firm will relocate from 1325 Avenue of the Americas.
As reported by The Commercial Observer in July, law firm Nelson Levine de Luca & Hamilton signed a long-term, 29,386-square-foot lease for the entire 29th and 30th floors at 17 State Street.
RFR Realty acquired 17 State Street in 1999 for approximately $120 million and since that time has completed a significant capital improvement plan which included upgrades to the building’s corridors, lobby and common areas. Asking rents at the Emery Roth & Sons designed property are approximately $60 per square foot.
National Liability & Fire Insurance was represented in lease negotiations by John P. Barry of Richards Barry Joyce & Partners and Michael Shakespeare of Colliers (CIGI) International. Hale Capital Management was represented by Jonathan Luttwak and Willard Overlock of Cushman & Wakefield. Charlestown Capital Advisors was represented by Michael Elkin of Interactive Properties. Mr. Morrows, AJ Camhi and Ryan Silverman represented the landlord in-house.
