The Real Deal New York

Arbitration association inks sublease deal at 32 Old Slip in FiDi

Lease with insurance company XL Catin runs through 2025
September 06, 2017 01:25PM

JLL’s John Wheeler and 32 Old Slip

The American Arbitration Association subleased roughly 47,000 square feet from the global insurance company XL Catlin at RXR Realty’s 32 Old Slip in the Financial District.

The nonprofit group will occupy the 33rd and 36th floors of the 36-story through June 2025, the Commercial Observer reported.

The financial terms of the deal were not revealed, but asking rent on a low floor was $59 per square foot in July 2016, according to CoStar Group.

A JLL team represented XL Catlin, which is consolidating offices into a location at 200 Liberty Street at Brookfield Place. A separate team from JLL represented the American Arbitration Association.

RXR controls the 1.2 million-square-foot tower through a ground lease it purchased from Beacon Capital Partners in April 2015 for $477.5 million. Melohn Properties paid $197.5 million for a stake in the ground lease. [CO]Rich Bockmann