Global Relay Inks 77K SF at Durst’s 1155 Avenue of the Americas
The firm snagged 77,000 square feet across the 38th through 42nd floors, and will leave behind its less than 5,000-square-foot offices at 286 Madison Avenue, the New York Post first reported. The 15-year deal, with asking rents of $115 per square foot for floors 38 through 41 and $150 per square foot for the 42nd floor, gives Global Relay exclusive access to the 4,000-square-foot outdoor terrace, according to Durst.
Canada-based Global Relay had several requirements for the firm’s New York offices, including outdoor space, views of the city, company branding in the building and lobby, room to construct a 200-seat theater and a space adjacent to Bryant Park, said Colliers’ Michael Cohen, who represented the tenant with Howard Kaplowitz and John Brasier. Durst was able to meet the firm’s entire list, Cohen said.
“The level of collaboration in this deal was unique in my 40-some-odd-year career,” Cohen told Commercial Observer. “The Dursts wanted just this kind of tenant for the apex of 1155 Avenue of the Americas. It was absolutely a perfect match.”
Global Relay provides software that helps archive electronic messages for financial companies. Its deal, which closed last week, brings the building between West 44th and West 45th streets to more than 70 percent occupied, according to the landlord. The software company snagged space previously occupied by the law firm White & Case, excluding the top floor, which Durst recently built out.
The software firm will move into the 42-story building at the start of next year, joining other tenants including the capital markets group CLSA, job search website Indeed and the residential brokerage firm Keller Williams.
“We are excited to welcome Global Relay to 1155 Avenue of the Americas … with its unparalleled views from the top-of-house glass pavilion,” Jonathan Durst, president of Durst Organization, said in a statement. “Our confidence in New York has never waned, and we continuously invest in our properties to meet the market’s demand and business needs of our current and future tenants.”
Durst’s Tom Bow, Rocco Romeo and Tanya Grimaldo represented the landlord in-house.
Celia Young can be reached at firstname.lastname@example.org.