New York Liquidation Bureau Inks 43K-SF Lease at 180 Maiden Lane
The New York Liquidation Bureau (NYLB) has agreed to take more than 43,000 square feet of office space at 180 Maiden Lane in the Financial District, Commercial Observer has learned.
The state agency signed a deal earlier this month to take 43,138 square feet comprising the entire 14th floor and part of the 15th floor at the 41-story, 1.2-million-square-foot office tower between Front and South Streets on the East River waterfront, according to sources with knowledge of the transaction.
The NYLB, which is responsible for taking over impaired or insolvent insurance companies on behalf of the state, will be relocating at least a sizable chunk of its current offices at nearby 110 William Street. According to CoStar Group data, the agency presently occupies nearly 120,000 square feet across four floors at 110 William Street but plans to reduce its footprint at the Savanna– and KBS Realty Advisors-owned office building by more than 74,000 square feet before the end of this year.
Asking rent for the space at 180 Maiden Lane was in the high $50s per square foot, while CoStar identifies the length of lease as 15 years, slated to commence in June. Savills Studley‘s Jarod Stern, David Goldstein, Matthew Barlow and Brad Wolk represented the NYLB. The landlord, a partnership between MHP Real Estate Services and Clarion Partners (CPREX), was represented by Cushman & Wakefield (CWK)‘s Tara Stacom, Robert Lowe, Frank Cento and Justin Royce and the MHP in-house team of Richard Doolittle, James Tamborlane and Jesse Rubens.
Representatives for MHP and Savills Studley declined to comment on the transaction, while representatives for C&W could not immediately be reached for comment.
Other office tenants at 180 Maiden Lane include the New York City Department of Investigation—which agreed to take 276,000 square feet at the building, as CO reported last August—law firm Stroock & Stroock & Lavan and television production company True Entertainment.
The likes of business compliance software firm Behavox and specialty merchant financier CFG Merchant Solutions have also recently committed to office space at 180 Maiden Lane—agreeing to leases for more than 12,000 square feet and nearly 8,000 square feet, respectively, as CO reported.