Demand for space at 40 Wall Street continues to grow with news yesterday that the Trump Organization-owned building’s leasing agency signed financial advisory group PFM Management to a ten-year lease on the 49th floor of the office tower.
Public Financial Management, which does business as PFM Asset Management, is taking 9,263 square feet of turnkey space on the entire 49th floor of 40 Wall Street, brokers involved with the transaction exclusively told The Commercial Observer yesterday. Asking rents were in the low $40s.
Lease of the Week
“For us, we had to do something different,” said Donald Trump Jr. last week, his voice rising with excitement.
Freshly tanned from a recent visit to Mexico, where he was overseeing a new project, the slicked-back scion grew steadily more enthusiastic as he discussed 40 Wall Street, an office tower that, with its rising and falling tenant roster, has contributed to the Trump Organization executive vice president’s growing reputation as a competent steward of the family name, a reliable fixer and successful dealmaker in his own right.
It’s not uncommon to hear Manhattan’s real estate market characterized as sophisticated or complex.
Not every day, however, does a requirement as straightforward as Dentsu McGarryBowen’s uncork such an elaborate and interconnected series of transactions as it did at the Starrett-Lehigh Building.
A longtime tenant in the 2.3-million-square-foot building and one of the property’s largest users, the advertising firm needed to expand. But there was a small problem: Despite its size, the building—an artsy, far West Side location popular among creative tenants—had virtually no available space.
New York City drugstore pharmacy giant Duane Reade has agreed to relocate its corporate offices to 40 Wall Street, the same Trump Organization-owned office tower that already houses its sushi-serving, hair-styling flagship megastore.
Duane Reade will be taking the 21st and 22nd floors, for a total of 54,500 square feet, inside the 72-story building. The lease is for 15 years, with asking rents in the mid-$30s per square foot, several brokers said.
40 Wall Street
It is possible to fill 50,000 square feet of retail space in the financial district in July. But it certainly helps to have the Trump touch.
Milk Street Cafe has signed a 20-year lease for 27,000 square feet, taking the last of the retail space at 40 Wall Street. The Boston-based Read More
40 Wall Street
Two new deals have been signed at the Trump Building at 40 Wall Street.
Law firm Solomon Blum Heymann LLP, which specializes in international and domestic business, has renewed a lease for 8,288 square feet on the 35th floor.
John Moran and Adam Leshowitz of Newmark Knight Read More
Two deals have been signed at the Trump Organization‘s 40 Wall Street.
Telstra Incorporated, an Australian telecommunications company, expanded and renewed a lease for 10 years on floors 43 and 44, totaling 14,497 square feet. Robert Tanzmann of Cushman & Wakefield represented the tenant.
Brokerage & Management Corp., a shipping company, took 9,263 Read More
After scouring Lower Manhattan for office space, and even venturing across the East River to check out the compellingly priced digs at Bruce Ratner’s MetroTech (compelling, but not compelling enough), Country-Wide Insurance Company has decided to stay put at 40 Wall Street, signing a long-term lease renewal for a stunning 109,000 square feet in what Read More