In a string of new leases, several investment companies will join the roster at Boston Properties, 250 W. 55th St., at Eighth Avenue. The newly-constructed Midtown West 38-story tower, similar in structure to the classic Park Avenue Lever House, has nearly 1 million square feet.
Veracen Partners, a financial investment advisory firm, is opening a new office in Manhattan, with a 10-year lease for 11,263 square feet. In addition, RTW Investments, a healthcare focused investment management firm, has a five-year lease for 4,029 square feet and, is relocating from 1350 Avenue of the Americas. LifeSci Capital, an affiliate of LifeSci Advisors, a consultancy to life-sciences, medical, technology and healthcare clients, is currently a subtenant of RTW. LifeSci also has a new five-year direct lease for 3,167 square feet with Boston Properties. All three will occupy pre-built space on the 16th floor.
Adam Endick, a partner at Kasowitz, Benson, Torres & Friedman, and associate Julia Sanabria represented Boston Properties on its lease with Veracen.
John Sym of Sym Real Estate Law in Lexington, Mass., also represented landlord on its lease with RTW and LifeSci.
Lauretta Moran, a counsel at Kaye Scholer in Chicago, represented Veracen.
Mark Heinze of Ofeck & Heinze in Hackensack, N.J., represented RTW and LifeSci.
The asking rents at 250 W. 55th St., a LEED gold-rated property, start in the $90s per square foot to more than $120 per square foot, depending on the floor. The building contains high-end features with 10-foot ceilings, oversized windows, enclosed perimeter offices and shared spaces. There is also a tree-line garden on the third floor.
“The prebuilts have been on fire since we started marketing them,” CBRE’s Sam Seiler, first vice president, said in a statement. “We are attracting a variety of high-quality and growth-oriented businesses that appreciate the building’s high-end finishes, terrific efficiency and great views.”
Morrison & Foerster announced on April 14 that the firm had occupied its 208,000-square-foot space at 250 W. 55th St. Three years ago, the firm signed a lease for 15 years with options of additional space and a longer term (NYLJ, June 1, 2011).
Crain’s New York Business reported that Soros Fund Management signed a lease in December with Boston Properties to move its headquarters to the top-tier floors.
Boston Properties, in existence since 1970, become a public company in 1997. As of December 2013, its portfolio includes a total of more than 145 buildings, more than 38 million square feet, in four markets: Boston, Washington, D.C., San Francisco and New York.
In addition to Seiler, CBRE’s Christie Harle, first vice president and Peter Turchin, executive vice president, managed the leases for Boston Properties.
Pamela Parasugo, chief operations officer at Howard Ecker & Company, acted on behalf of Veracen.
Oliver Petrovic, an assistant director at Studley Inc., handled the leases for RTW and LifeSci.
Media group Thomson Reuters, headquartered at 3 Times Square, has signed an expansion lease with SJP Properties at Waterfront Corporate Center II, 121 River St., in Hoboken, N.J. The media giant has leased space at the corporate center since 2008.
With the new agreement, Thomson Reuters added 72,000 square feet for a total of 93,000 square feet, leasing the top three floors: the 10th, 11th and penthouse. WCC II is one of a three-building, mixed-use complex spanning 1.5 million square feet of class-A commercial space.
Thomson Reuters reportedly will be relocating 450 employees to the Hoboken office from New York City by the third quarter. A Thomson Reuters spokesman declined to comment on the lease.
“This expansion will provide a considerable boon to the local and state economies, with the New Jersey Economic Development Authority estimating a net benefit to the state of $123 million from this transaction,” Steven Pozycki, founder, chairman and CEO of SJP Properties, said in a statement.
Jeffrey Platte, a name partner at Platte, Klarsfeld, Levine & Lachtman in Manhattan, represented Thomson Reuters.
Martin Dowd, a partner at McCarter & English in Newark, represented SJP.
The overall asking rate for the waterfront building in Hudson County is $38-$39 per square foot, according to a Cushman & Wakefield’s first quarter report.
WCC I and WCC II are 100 percent leased. Currently under construction, WCC III is 40 percent preleased, including a lease with Pearson Education. Construction is expected to be complete in November. Ground level space will contain 25,000 square feet for retail use. There will also be a 200-car underground parking garage and on-site amenities include a state-of-the-art fitness center.
The Hudson Waterfront and Northern New Jersey are poised to see activity remaining brisk for the remainder of 2014, according to Cushman & Wakefield’s report. In January, Forbes Media signed a lease in Jersey City.
“The decision by Thomson Reuters to expand at Waterfront Corporate Center and relocate a large portion of its workforce to the complex can be attributed to Hoboken’s position as a premier transit hub that offers an unparalleled live-work-play environment,” said Pozycki.
For 30 years, Parsippany, N.J.-based SJP Properties has been a real estate developer, investor and manager with a portfolio that includes commercial and residential buildings, amounting to 6 million square feet. Since its start, SJP has developed more than 25 million square feet in partnership with public and private partners.
SJP’s lease was handled in-house by senior vice president Peter Bronsnick.
Thomson Reuters’ lease was handled by Joseph Cabrera and Timothy Kuhn, who were with Cushman & Wakefield when the lease was signed. As of March, Cabrera and Kuhn joined Colliers International as vice chairman of the eastern region and senior managing director, respectively.
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