WMC/Clarion Partners Lands Anchor Tenant for 636 Avenue of the Americas; 100% Lease-Up in Less Than Six Months
NEW YORK, Aug. 3, 2011 /PRNewswire/ -- Less than six months after teaming with Clarion Partners to purchase the iconic Flatiron District office building at 636 Avenue of the Americas, owner William Macklowe Company reports that it has successfully concluded a long-term multi-floor lease with SecondMarket Holdings, Inc., the country's leading marketplace for alternative investments, bringing the Class A property to 100% occupancy.
As the building's new anchor tenant, SecondMarket has leased a total of approximately 50,000 square feet on floors three through six as well as the building's penthouse. It expects to relocate from its current offices at 26 Broadway in Lower Manhattan to its new headquarters space in early 2012.
As part of the 10-year leasing agreement, which brings the building to 100% occupancy, 636 Avenue of the Americas will now be known as the SecondMarket Building. Among the options the tenant has been given for its growth are rights for expansion and a penthouse with an outdoor roof deck for its exclusive use.
"We are delighted that a cutting-edge company recognizes 636's extraordinary potential to serve as a corporate headquarters, and that it believes in our ability to reposition this property as the premier boutique office building along the historic Ladies Mile corridor," stated Billy Macklowe , CEO of William Macklowe Company.
"636 Avenue of the Americas is proving to be a smart investment for our client," noted Ed Rotter , Managing Director at Clarion Partners. "The fact that we have reached full occupancy, completing the tenant roster with such a strong anchor validates our decision to partner with the William Macklowe Company in this classic building."
Jones Lang LaSalle represented both the tenant and building owner in the transaction. SecondMarket was represented by Jim Wenk and Paul Formichelli , senior vice presidents, Dan Suozzi , vice president, and John Lewis , associate. The William Macklowe Company/Clarion Partners venture was represented by Mitchell Konsker and Matthew Astrachan, vice chairmen, Jonathan Tootell , vice president, and Matt Ginberg , associate.
"William Macklowe Company's commitment to bring a Class A, midtown level of service to this asset, along with a substantial investment in the property, enabled us to differentiate this unique opportunity from other buildings in the area," said Konsker.
"Our client was particularly impressed with ownership's plan to reposition this building," noted Wenk, "which includes the restoration of the building facade's distinctive architecture, the expansion and full renovation of the lobby, and the installation of new mechanical systems, elevators and infrastructure."
Founded in 2004, SecondMarket has become the online destination for accessing market data, building an investor network and transacting in assets such as private company stock, structured products, public equity and bankruptcy claims.
Situated at the northeast corner of 19th Street and 6th Avenue, the Renaissance Revival-style building at 636 Avenue of the Americas features a limestone and cast iron facade, 13,000 square foot floor plates, unusually high ceilings and vintage aesthetic details.
SOURCE William Macklowe Company
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