Business Services Industry
Furman unable to copy Xerox deal; creditworthiness of company tops space needs of partnership. (Furman Selz; Xerox Corp.'s lease for office building)(Real Estate Watch)
Crain's New York Business, January, 1997 by Feldman, Amy
Two heavy-hitting corporate tenants - Furman Selz Inc. and Xerox Corp. - have been waging war to win space in a prime Park Avenue office building. So far, creditworthiness appears to trump size. Xerox is getting the first big deal at 280 Park Ave., between 48th and 49th streets, despite Furman Selz's bigger space requirement.
The copier company - which is represented by Williams Real Estate Co. - is ready to sign a lease for 120,000 square feet at 280 Park at a rent in the mid-$40s per square foot. Unlike some other big companies, Xerox, whose Manhattan offices are currently at 205 E. 42nd St., is not expected to apply for any city incentives for its move. But don't count out Furman Selz, which was the second choice because of its partnership status. The investment...
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