Big lease near as REIT eyes former Verizon building; iStar Financial plans to move down Sixth Ave.; tenants act early to hold down rents.(Real Estate)

Crain's New York Business, May, 2007

A real estate investment trust is in the final stages of a lease negotiation for 130,000 square feet at 1095 Sixth Ave. iStar Financial, which owns 380 commercial properties in 38 states, would pay $135 a square foot. The deal would be the first lease at the 41-story building--formerly Verizon's New York headquarters--since it was acquired by The Blackstone Group earlier this year.

iStar Financial is located at 1114 Sixth Ave., at West 42nd Street. The Blackstone Group acquired 1095 Sixth Ave., between West 41st and West 42nd streets, as part of its $39 billion purchase of Equity Office Properties Trust in February. It was the only building that Blackstone retained after flipping the remainder of Equity Office's New York portfolio to Harry Macklowe for $7.25...