Financial services firm Wellington Shields has signed a 10-year lease renewal at its 140 Broadway headquarters in Lower Manhattan.
The 18,579-square-foot covers part of the 51-story building’s 44th floor and sources said asking rents were $55 per square foot.
Studley broker Jason Schwartzenberg, who represented the tenant with Joseph Messina, said in a prepared statement that his client went through an extensive search throughout Midtown and Downtown before deciding to renew.
“It was important to maintain the quality of the existing environment, and we found that the panoramic views, efficiency of the building, and overall economics of the lease at 140 Broadway couldn’t be matched,” Mr. Schwartzenberg said.
Wellington Shields has been located at the building since 1997.
“Jason and his team negotiated a deal with economics that we could not deny,” said Jameson McFadden, managing member at Wellington Shields, in a statement announcing the renewal. “We are pleased to remain in the Financial District for another decade with such favorable terms.”
Designed by Skidmore, Owings & Merrill in 1967, the 51-story, 1.25 million-square-foot building is situated between Liberty and Cedar Streets in the heart of the Financial District, steps away from the World Trade Center site, the New York Stock Exchange and Wall Street banks.
Wellington Shields was formed in 2009 by combining H.G. Wellington & Co., dating back to 1925, and Shields & Company, founded in 1982. It is a New York Stock Exchange member providing full service brokerage to institutions and high net worth individual and family accounts.
Robert Constable of Cushman & Wakefield represented the landlord, 140 Broadway LLC, in-house.