NEW YORK — Jones Lang LaSalle has completed two renewals and three new, direct transactions, totaling 317,411 square feet of commercial office space, for building owners Monday Properties and Invesco Ltd. at 230 Park Avenue, also known as the Helmsley Building. ING US Inc. renewed its lease for 144,000 square feet, Reed Elsevier signed a lease for 71,000 square feet, Clarion Partners LLC renewed its lease for 71,000 square feet, Lee Hecht Harrison took 22,000 square feet, and Cornell University inked a lease for 9,411 square feet at the Class A, 1.4 million-square-foot commercial office building.
The building owners, Monday Properties and Invesco, were represented in all five transactions by Frank Doyle and Paul Glickman, vice chairmen; and Jonathan Fanuzzi and David Kleiner, executive vice presidents, all with JLL, along with Brian Robin, president; and Jordan Berger, director of leasing, with Monday Properties.
“These five deals are a strong testament to the building owners’ ability to attract and retain major New York companies,” said Doyle. “Monday Properties’ level of sophistication in providing ING and Clarion what they needed going forward was a key component of both renewals. These leases were operationally complex, and Monday, Invesco and JLL built solutions for every need.”
“The long-term strategy that we developed in partnership with ownership has paid off significantly,” said Fanuzzi. “We constructed a marketing center and devised a new campaign for 230 Park Avenue, and the market has been very receptive to our outreach. JLL has completed more than 300,000 square feet in leases at the building in the past six months.”
ING signed a 10-year lease renewal for 144,000 square feet and will continue to occupy the entire 13th floor and 14th floor at 230 Park Avenue. The insurance firm was represented by Steve Ernst, senior managing director and principal with Cassidy Turley, along with Neil Goldmacher, vice chairman and principal, and Moshe Sukenik, executive vice president and principal, with Newmark Grubb Knight Frank.
Reed Elsevier inked a new, 10-year lease for 71,000 square feet and will occupy the entire seventh floor at the Helmsley Building. The global professional information firm is relocating its LexisNexis division to the building from the group’s previous offices at 125 Park Avenue. The tenant was represented by John Cefaly, vice chairman, and Kevin Daly and Clark Finney, senior directors, with Cushman & Wakefield Inc.
Clarion Partners completed a 10-year lease renewal for 71,000 square feet and will continue to occupy the entire 12th floor at 230 Park Avenue. The investment advisory firm was represented by Mark Ravesloot, vice chairman, and William Iacovelli, executive vice president, with CBRE Inc.
Lee Hecht Harrison signed a new, 10-year lease for 22,000 square feet and will occupy a portion of the sixth floor at the Helmsley Building. The talent solutions company is relocating to the building from its previous offices at 200 Park Avenue. The tenant was represented by Lewis Cowan, managing partner, with Mohr Partners.
Cornell University inked a new, 10-year lease for 9,411 square feet and will remain on a portion of the 15th floor at 230 Park Avenue. The university had previously occupied the space through a sublease with ING. The tenant was represented by Gere Ricker, executive vice president and managing director, with MB Real Estate Services Inc.
The 34-story 230 Park Avenue is located between East 45th and East 46th streets, adjacent to Grand Central Terminal. The LEED-EB Gold-certified building is surrounded by Midtown’s finest restaurants, boutiques and hotels. The Helmsley Building offers full-floor opportunities, both at the base with a 70,000-square-foot floor plate and in the tower, which has a 21,000-square-foot floor plate.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.