Attorney General Eric Schneiderman Nails Down 345K-SF Deal at 28 Liberty Street
By Lauren Elkies Schram January 20, 2017 2:00 pm
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The New York State attorney general’s office has secured a 345,000-square-foot lease at Fosun Property Holdings’ 28 Liberty Street for 15 years, Commercial Observer has learned.
Attorney General Eric Schneiderman will occupy all of floors 13 through 21 and floor 23 via a 15-year lease between Fosun and The New York State Office of General Services. The asking rent at 28 Liberty Street is in the low-$60s per square foot on the lower floors and in the mid-$60s a foot above, according to a spokesman for Fosun. (The New York State Office of General Services is the actual lease holder, although the AG’s office signed the documents as a tenant.)
“We are pleased that the negotiated terms of this lease will enable the New York attorney general’s office to reduce its office space by roughly one third, and save New York State taxpayers over $100 million over the term of the lease,” a spokeswoman for Schneiderman emailed CO.
Schneiderman will be relocating in spring 2018 from 427,898 square feet on floors three, four and 22 through 26 at Silverstein Properties’ 120 Broadway.
Erik Horvat, the managing director at Fosun Property Holdings, said in a statement: “Fosun is pleased to welcome the attorney general to 28 Liberty as we continue to transform the property through a building-wide repositioning program. We are currently completing a host of improvements to the building, including elevator and mechanical upgrades, as well as a the creation of some 200,000 square feet of new retail.” The building renovation costs $160 million, as CO previously reported.
Fosun bought the 60-story, 2.2-million-square-foot landmarked office building between William and Nassau Streets, for $725 million in 2013. It was formerly called One Chase Manhattan Plaza. Tenants in the building include Milbank, Tweed, Hadley & McCloy, Ironshore Holdings and JLL.
Thomas Costanzo of Fosun represented the property owner in-house in the AG deal along with JLL’s Peter Riguardi, Mitchell Konsker and John Wheeler. Scott Gottlieb, Bruce Surry and Leonard DiMicelli of CBRE represented the AG’s office. A spokeswoman for CBRE didn’t immediately respond to a request for comment.
The New York Post reported last March that Schneiderman’s office was close to a deal at 28 Liberty Street.
With additional reporting provided by Terence Cullen.
