Manhattan Payments and Adjudications

Real Estate Weekly, Dec 15, 1999 by Lois Weiss

Of course, the City is one of the larger space takers. On December 15th, there's a public hearing to discuss its lease of 254,056 rentable square feet at 59 Maiden Lane. The numerous floors are to house divisions from several agencies. Finance expects to install Manhattan Payments and Adjudications, Tribunal, Property, Commercial Adjudications, and the Parking Violations and Consolidations Unit; DEP will bring over the Environmental Control Board, while the Health Department will bring over the Health and the Consumer Affairs Units. Rent goes from $30 a foot for the first five-year term, bumping to $33.75, $35.85 and $37.50 a foot for the final five-year term. There is also another five-year option to renew at 95 percent of the fair market value of comparable space.

P.S.: There's still several hundred thousand square feet available in the former Olympia & York building that emerged from bankruptcy in the hands of Amtrust a year ago, so call Newmark with offers.