The Real Deal New York

Fosun hires former Vornado leasing vet to lead 28 Liberty

Tom Costanzo will work with JLL team to lease 2.2M sf office tower

June 05, 2015 12:30PM
By Rich Bockmann

From left: Tom Costanzo, 28 Liberty and Erik Horvat (credit: Tobias Truvillion)

From left: Tom Costanzo, a rendering of 28 Liberty (credit: Skidmore, Owings & Merrill)  and Erik Horvat (credit: Tobias Truvillion)

Fosun Property hired a former Vornado Realty Trust leasing veteran to spearhead the search for tenants at 28 Liberty, the company’s 2.2-million-square-foot office tower in Lower Manhattan. 

Tom Costanzo, who spent 15 years brokering deals at the massive real estate investment trust before leaving in 2013 to work at Callahan Capital Partners, will join FosunMonday as the company’s director of leasing.

He’ll work alongside a JLL team handling leasing at the building, formerly known as One Chase Manhattan Plaza.

It was Costanzo’s new boss, Fosun Property managing director Erik Horvat, who coordinated with the JLL team to sign the building’s first tenant earlier this year. The company signed U.S. insurer Ironside, which Fosun bought a 20-percent interest in last year, to 100,000 square feet. The asking rent was reportedly at least $80 per square foot.

Bo Wei, Fosun’s vice president, said the company is now at the point where it needs a dedicated hand to move the project forward.

“The biggest challenge for 28 Liberty is the leasing,” the Mandarin-speaking executive told The Real Deal through an interpreter. “In terms of manpower, this was obviously necessary.”

Fosun revealed plans in March to makeover the landmarked building it bought for $725 million last year, thought the Landmarks Preservation Commission rejected the proposal over concerns regarding changes to the plaza to make way for more retail. Fosun has not yet submitted an updated plan.