Attorney General’s office looking for new NYC digs

Agency eyes 250K sf in FiDi after 30 years at Silverstein’s 120 Broadway

New York /
Feb.February 26, 2016 04:30 PM

The New York state Attorney General’s office is on the hunt for a new home in the Financial District, as the expiration of its lease at Silverstein Properties’ 120 Broadway looms.

Late last year, the agency tapped CBRE to help secure a new 15-year lease for as much as 250,000 square feet holding more than 900 employees, according to a document from the state Office of General Services.

So far, the state has checked out space at 28 Liberty Street and 180 Maiden Lane, two office towers also in the Financial District, according to sources familiar with negotiations. Asking rents at both buildings start in the low $50s per square foot. But 28 Liberty has a higher price point – $80s per square foot – for higher floors than 180 Maiden Lane, where rents reach as much as $70 per square foot.

The agency wants a lease that begins in late 2017 or early 2018, preferably at a building south of Canal Street, the state document shows. The space requirements include 130,000 square feet designated for physical office space. Of the 130,000 square feet, 60 percent would be for enclosed private offices and 40 percent for an open plan layout with modular workstations.

Since 1986, the Attorney General’s office has housed its New York City operations at the landmarked 40-story, 1.9 million-square-foot Equitable Building at 120 Broadway. Its lease, currently for nearly 390,000 square feet across eight floors, expires Dec. 31, 2018, according to CoStar data.

Average asking rent at 120 Broadway is $45 per square foot. Other tenants at the Class A office building include insurance firm Tower Group and the Parish of Trinity Church.

CBRE’s Scott Gottlieb and Bruce Surry are representing the state in the search. CBRE declined to comment, as did the AG’s office.

The agency’s main office, led by Attorney General Eric Schneiderman, is located in the New York State Capitol building in Albany.

Adam Pincus contributed reporting.


Related Articles

arrow_forward_ios
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
Michael Remer and Richard Hodos (JLL, Getty)
Top retail broker Richard Hodos jumps from CBRE to JLL
Top retail broker Richard Hodos jumps from CBRE to JLL
From left: VTS CEO Nick Romito and CBRE CEO Bob Sulentic (VTS, CBRE, Getty Images)
VTS raises $125M in CBRE-led funding round
VTS raises $125M in CBRE-led funding round
Silverstein's Marty Burger with 3 World Trade Center (LinkedIn, 3WTC)
Silverstein CEO: RIP Five days a week in the office
Silverstein CEO: RIP Five days a week in the office
Silverstein's Larry Silverstein and KRE's Murray Kushner with 808 Pavonia Avenue (Studio V Design + Planning, Getty)
Kushners, Silverstein team on Jersey City development
Kushners, Silverstein team on Jersey City development
From left: CBRE's Daniel Kaplan and William Shanahan along with 231 East 76th Street and 340 East 52nd Street (Google Maps, CBRE, LinkedIn/Daniel Kaplan)
TRD Pro: Here are NYC’s top portfolio deals of the quarter
TRD Pro: Here are NYC’s top portfolio deals of the quarter
A photo illustration of Alexander Wang and a rendering of the Fulton Market Building (Getty Images, SHoP Architects)
TRD Pro: New York City’s biggest retail leases of July
TRD Pro: New York City’s biggest retail leases of July
Larry Silverstein and 3 World Trade Center (Getty Images, 3WTC)
Law firm nabs 180K sf at Silverstein’s 3 World Trade
Law firm nabs 180K sf at Silverstein’s 3 World Trade
arrow_forward_ios

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

Loading...