NY Workers’ Comp Insurance Company Admin Renews 25K SF at 110 William
Lauren Elkies Schram June 28, 2016, 1 p.m.
Lovell Safety Management, a third-party administrator of insurance and pension funds has re-upped for its 25,398 square feet in the Financial District, Commercial Observer has learned.
The12th-floor space is in Savanna and Newport Beach, Calif.-based KBS Realty Advisors’ 32-story, 928,000-square foot building at 110 William Street between Fulton and John Streets. The renewal is for 10 years, Savanna confirned. The asking rent wasn’t immediately clear.
“This lease renewal positions Lovell Safety Management in a superior and prominent location for continued success,” said Peter Sabesan of CBC Alliance, who has represented Lovell Safety Management for the last 30 years along with Richard Selig, in prepared remarks.
For more than seven decades, Lovell Safety Management has provided comprehensive solutions for workers’ compensation insurance, serving as the largest, oldest and most successful safety group administrator in New York.
“We are very pleased that Lovell Safety Management, a longtime existing tenant, has renewed their lease at 110 William,” said Brian Reiver, the director of leasing at Savanna, in a news release. “Their commitment to the property is a reflection of the work that Savanna and KBS completed to enhance the tenant experience at 110 William so that it is a great place for companies across industries to work and grow.”
Savanna acquired the 32-story 110 William Street in a joint venture with KBS Capital Advisors for $261.1 million in April 2014, as CO previously reported, from Swig Equities and the Dubai Investment Group.
Other tenants include Smarsh, the Portland, Ore.-based tech company that delivers cloud-based archiving solutions for information-driven enterprises, and EP Engineering, a mechanical electrical, and plumbing engineering firm.