Fosun Signs Three Tenants to 170K SF at 28 Liberty
By Nicholas Rizzi January 25, 2019 11:49 am
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A life insurance company, a nonprofit and a food kit delivery service inked deals to take 170,000 square feet in 28 Liberty Street, a broker on the deal confirmed.
In the largest of the deal, insurance firm Allianz signed a renewal for its 70,000-square-foot offices in Fosun International’s tower, The New York Post reported. Allianz will move its offices to the 24th and 25th floors of the Financial District building in the second half of 2019, according to JLL (JLL)’s John Wheeler, who brokered the deal for the landlord. Currently, it occupies the same amount of square footage on the 37th and 38th floors.
Wheeler represented the landlord along with colleagues Peter Riguardi, Mitchell Konsker, Michael Berman, Dan Turkewitz and Eliza Akers. It’s unclear who brokered the deal for Allianz.
Allianz first took space in the building in 2013, CoStar (CSGP) Group data shows.
Aside from Allianz, community development nonprofit the Local Initiatives Support Corporation (LISC) signed a deal to move its national headquarters from 501 Seventh Avenue to 60,000 square feet in 28 Liberty Street, according to Wheeler.
The nonprofit will take the majority of the 33rd floor and the entire 34th floor and plans to move in the middle of the year, Wheeler said. LISC currently has 56,160 square feet at 501 Seventh Avenue between West 37th and West 38th Streets, CoStar data indicates.
JLL’s Riguardi, Wheeler, Konsker, Berman, Turkewitz and Akers handled the deal for the landlord while Newmark (NMRK) Knight Frank’s Lance Korman represented the tenant. A spokesman for NKF did not immediately respond to a request for comment.
In the smallest deal, grocery delivery service HelloFresh took 43,000 square feet for parts of the ninth floor and the entire 10th floor of the 60-story tower, Wheeler said.
HelloFresh, which is based in Germany, will move its New York City offices from 40 West 25th Street between Avenue of the Americas and Fifth Avenue to 28 Liberty Street in the second quarter of this year, according to Wheeler. The company, which ships customers ingredients to cook their own meals, moved to 22,000 square feet in 40 West 25th Street in 2016, as Commercial Observer reported at the time.
Lee & Associates NYC’s Dennis Someck and Justin Myers brokered the deal for HelloFresh while the JLL team represented the landlord. A spokeswoman for Lee & Associates declined to comment.
Asking rent for the building range from the high $50s to the mid-$70s per square foot, Wheeler said. He would not provide the length of the leases, only saying they were all over 10 years.
“The greatest thing about this collection of… leasing activity we have shows just how diverse a profile of tenants find 28 Liberty Street, and Lower Manhattan, to be a right choice for them,” he said.
Chinese conglomerate Fosun bought the 2.2-million-square-foot tower, previously known as One Chase Manhattan Plaza, in 2013 in an all-cash deal for $725 million, as CO previously reported.
Fosun recently completed $150 million in upgrades to the building, which added 200,000 square feet of retail space on the ground and lower three floors, according to the Post. The publication also reported that Legends Hospitality—which runs the concession stands at Yankee Stadium—in partnership with LFH Holdings will open a 35,000-square-foot food and music venue on the ground floor at 28 Liberty.
