Loeb lease brings Mack-Cali share of 125 Broad to full occupancy
Financial firm Loeb Holding Corp. has signed a 22,000-square-foot lease at 125 Broad Street in Lower Manhattan, bringing the Mack-Cali-owned portion of the 1.3-million-square-foot building to full occupancy, Crain’s reported.
The New Jersey-based Mack-Cali owns 580,000 square feet of the 40-story tower, which sustained flooding during Hurricane Sandy. Loeb’s nearly 16-year lease encompasses half of the 14th floor. The firm was previously at 61 Broadway. Asking rents are in the $30s per square foot.
During the recession, lease expirations left the portion of the building empty. Now, however, with rents rising in Midtown, 125 Broad has become a popular destination.
CBRE broker Mark Ravesloot, who represented the landlord in the deal, told Crain’s that he has leased out the Mack-Cali portion during the past year with deals from AXA Insurance, AECOM Technology and others.
Ravesloot told Crain’s the activity is not only due to low rents, but also incentives, such as building new offices for tenants.
Ravesloot worked alongside CBRE’s Pete Turchin in the transaction. The tenant was represented by Bob Savitt of Savitt Partners and Scott Bogetti of CBRE. [Crain’s] —Zachary Kussin