Retirement plan management firm Cammack Retirement Group will relocate its Financial District headquarters in the spring of 2015 through a 15-year, full-floor lease at the Trump Organization‘s 40 Wall Street, brokers involved with the deal announced yesterday.
The firm that manages or consults on assets worth over $67 billion collectively, according to its website, will move from 2 Rector Street to a 9,248-square-foot space on the 56th floor, officials with Savills Studley said.
“Over the last four years we have completed three deals for Cammack, two of which were short term and designed to maximize their market leverage and pair with their optimal business conditions,” said Savills Studley broker Gabe Marans, Cammack’s representative in the deal, in a prepared statement. “Cammack’s new space at 40 Wall Street allows the firm to move into a modern, full-floor layout where the ownership will be delivering a brand new building installation.”
Trump asked a rent of $48 per square foot for the space, Cushman & Wakefield (CWK) broker Jeffrey Lichtenberg said. He and his C&W colleague Frank Cento negotiated on behalf of the landlord. (Building owner Donald Trump is the father-in-law of Jared Kushner, publisher of Commercial Observer and owner of Observer Media.)
“You’ve got unbelievable views in that building,” said Mr. Lichtenberg, noting 150,000 square feet worth of new leases at the 1.2 million-square-foot property this year. “We’ve leased over 800,000 square feet since we became rental agents four years ago.”
Crain’s New York Business first reported the transaction.