Money firms in lease deals that add up to 48,000 s/f

Real Estate Weekly, June 2, 2004

Two more growing Manhattan-based financial firms have leased full floors comprising a combined total of 48,000 s/f at the Lefrak Organization's newly refurbished office tower at 40 West 57th Street.

Carret, Inc., an asset management firm controlled by former Harken Energy Chairman Alan Quasha, has leased the entire 24,000 s/f 20th floor for its new executive offices and Sandell Asset Management, a prominent hedge fund, has taken the entire 24,000 s/f 26th floor for its new headquarters.

"We're delighted that we continue to attract some of New York's most prestigious firms who recognize that all of their needs and growing space requirements can be satisfied at one of the most desirable business locations in all of New York City," stated Lefrak president Richard LeFrak.

The distinctive 34-story office tower at 40 West 57th Street is now more than 95% leased. James Coleman, president of Hanley Advisors LLC, who during his career has arranged over a million square feet of leasing deals at various Lefrak buildings, served as strategic real estate advisor for both Carret and Sandell Asset Management on the long-term leasing transactions.

The Lefrak Organization was represented by CB Richard Ellis, exclusive leasing agent for the property.

"As we performed site selection for both of these money management firms, we realized they had identical needs--office space with an upscale image and prominent location, room for expansion and a high-quality landlord," asserted Mr. Coleman.

"We quickly identified 40 West 57th as the ideal choice for all of these requirements." A multi-million dollar capital improvement program at 40 West 57th Street is nearing completion.