Northern Trust takes floor at LeFrak’s 40 West 57th Street

New York /
Jul.July 26, 2013 08:30 AM

Investment management firm Northern Trust signed a 25,000-square-foot lease at the LeFrak Organization’s 40 West 57th Street, where rents tend to surpass $100 per square foot, the New York Observer reported.

The Chicago-based firm plans to relocate its New York office at 65 East 55th Street to the full 21st floor of the 34-story, 893,000-square-foot tower between Fifth and Sixth avenues in The Plaza District. Gus Field of Cushman & Wakefield represented Northern Trust, while Howard Fiddle of CBRE negotiated on behalf of LeFrak, the newspaper said.

Other building tenants include JPMorgan/Highbridge, Elliott Management Corporation and VF Corporation. 

The Plaza District showed marked improvement in the second quarter, with leasing up 255 percent, to 2.73 million square feet from 1.07 million, over the previous quarter, as The Real Deal reported based on Colliers International data. The area — between East 47th and East 55th streets and Central Park and the East River — had the highest vacancy rate of any Manhattan submarket last year, due to its dependence on financial services.

Tocqueville Asset Management added 12,000 square feet to its 40,000-square-foot space in the tower last October, when asking rents were in the $70s per square foot, according to the Observer. [NYO]Mark Maurer

 

Related Articles

arrow_forward_ios
A photo illustration of 182-22 150th Avenue in Springfield Gardens (Getty, Google Maps)
NYC’s industrial market ends year with a bang
NYC’s industrial market ends year with a bang
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
Manhattan retail market rises again, but momentum wanes
Manhattan retail market rises again, but momentum wanes
Retail, Shopping Centers, Cushman & Wakefield
U.S. shopping center vacancy hits 15-year low
U.S. shopping center vacancy hits 15-year low
SL Green's Marc Holliday, Frank Carone and Cushman & Wakefield's Brett White (SL Green, Getty, Cushman & Wakefield)
SL Green, Cushman suing tenants with Frank Carone ties
SL Green, Cushman suing tenants with Frank Carone ties
From left: Mauricio Umansky, Steven James, Robert Reffkin, Brad Loe, and Howard Lorber (Getty)
What a ban on noncompetes could mean for real estate
What a ban on noncompetes could mean for real estate
(Norpointe LLC)
Yellowstone buys Fairfield County apartment complex for $49M
Yellowstone buys Fairfield County apartment complex for $49M
From left: William Macklowe Company's William Macklowe and A&E Real Estate's Doug Eisenberg along with 120 Fifth Avenue in Brooklyn, Acropolis Gardens in Astoria, and 2750 Homecrest Avenue in Brighton Beach (Getty, Google Maps, William Macklowe Company, A&E Real Estate)
Billy Macklowe, A&E scored biggest outer-borough loans
Billy Macklowe, A&E scored biggest outer-borough loans
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...