The Real Deal New York

JLL, CBRE stress value for their new offices

November 21, 2011 02:15PM

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From left: JLL New York President Peter Riguardi, 330 Madison Avenue, CBRE New York CEO Mary Ann Tighe and 200 Park Avenue

Commercial brokerages CBRE and Jones Lang LaSalle are best known for finding office space for businesses in need, but each firm is quietly moving into new spaces of its own.

The Wall Street Journal reported that after inking deals in 2010, CBRE recently moved into new offices in the Met Life Building at 200 Park Avenue and JLL will soon take up space at 330 Madison Avenue.

JLL pays about $60 for each of its 82,000 square feet, and spent $20.5 million renovating the space. Meanwhile, CBRE pays about $65 per foot for its 141,000 square feet, and spent $31.7 million to build it out.

The firms had different mindsets when selecting and designing their new spaces. JLL New York President Peter Riguardi said his firm didn’t want to make it look like it was profiting so highly off of clients that it could spend lavishly on space. On the other hand, CBRE New York CEO Mary Ann Tighe said a fancy office is fine, provided that clients know they negotiated a good deal for it. [WSJ]

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