Jones Lang LaSalle has gotten the nod to market the 600,000 square feet of space up for partial or full lease in the 19-story Class A building at 40 Rector Street. The building’s owned by Philips International, which has property holdings throughout the U.S.
Full release below.
NEW YORK (January 13, 2009) - Philips International, a leading New York City-based real estate investment, development and management company with a national portfolio of office, retail, residential and hotel assets, today announced that it has designated Jones Lang LaSalle as the exclusive leasing agent for 40 Rector Street, a 600,000-square-foot, 19-story, Class A office building in the heart of Downtown Manhattan.
Available for full or partial occupancy in 2010, this office space represents one of the largest blocks of contiguous space available downtown and affords tenants a rare full building opportunity, including corporate signage. Adding to the building’s appeal is a presently underway multi-phase, multi-million dollar makeover that will result in a dramatic new front entrance, lobby, windows, common corridors, bathrooms, base building systems and upgraded elevator cabs and systems.
Handling the 40 Rector Street (www.40RectorSt.com) assignment for Jones Lang LaSalle is Peter Riguardi, president, New York tri-state region; Lawrence Tannenbaum, managing director; John Moxley, executive vice president; and Christopher Krantz, senior vice president, New York operations.
"Jones Lang LaSalle joins a team of exceptional professionals who are collaborating to bring 40 Rector Street to a new level of excellence in the marketplace," said Michael Pilevsky, managing director of Philips International. "We’ve assembled a world-class team of architects and construction personnel, interior designers, creative and marketing experts, and brokers to create something really spectacular for prospective tenants. The building truly offers the best value proposition for tenants seeking office space in Manhattan."
Jones Lang LaSalle’s Riguardi stated, "As one of the largest blocks of available contiguous space in Manhattan, 40 Rector Street offers prospective tenants an incomparable value due to the significantly more competitive rents versus midtown buildings. 40 Rector Street also offers a unique and powerful branding opportunity for a full building tenant, as it is highly visible from the West Side Highway."
Moxley added, "Downtown has been transformed into a 24/7 location with new residential, retail, hotels and restaurants as well as many cutting edge companies moving into the area. With a booming professional and residential population, several notable high-end brands, including Hermes, Thomas Pink, BMW and Tiffany & Co., have chosen Downtown Manhattan as home for their newest stores. Downtown is in the midst of a renaissance that makes it a highly desirable and affordable location for companies seeking a new home, space to expand, or an office to launch their business."
Originally built in 1920 and designed by the firm of Warren & Wetmore, famous for designing Grand Central Terminal, the Helmsley Building, New York Biltmore Hotel, Chelsea Piers and other worldwide landmarks, 40 Rector Street is between West Street and Washington Street. The building offers 24-hour security and PATH access from the World Trade Center, and subway access from the R, W and 1 lines to Rector Street, and the 4 and 5 lines to Wall Street.
Additionally, 40 Rector Street sits at the core of the downtown renaissance, which has already seen more than 20 new residential buildings, a more than 10 percent increase in occupancy by new professional and creative services companies, and the opening of several luxury retailers. Further plans call for at least six new hotels, including a W Hotel that will be located next door to 40 Rector Street, numerous residential condominiums, more new corporate leases, and a significant increase in retailers and restaurants. The revitalization of 40 Rector Street will just add another element to the rebirth of Downtown Manhattan.
About Philips International
Based in New York, Philips International is one of the country’s largest private owners of office, retail, residential and hotel properties. For more than 30 years, the company has strategically acquired, developed and managed some of the most desirable real estate assets in the country. The company’s portfolio presently consists of well over 200 properties throughout the United States. For more information, visit http://www.pihc.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2007 global revenue of $2.7 billion, Jones Lang LaSalle has approximately 180 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $54 billion of assets under management. For further information, please visit our Web site, http://www.joneslanglasalle.com
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