Jack Resnick & Sons Inks Lease Renewals in Manhattan – What is a Ground Lease?

Brokerage, New York, News, Northeast, Office, CBRE, Jack Resnick & Sons, Savills

One Seaport Plaza. Image courtesy of Jack Resnick & Sons

Jack Resnick & Sons has signed two office lease renewals, totaling 108,086 square feet, at One Seaport Plaza, a 1.1 million-square-foot tower in downtown Manhattan.

Social justice law firm The Legal Aid Society will continue its tenancy, that started two decades ago, by occupying 71,091 square feet of space on the building’s third and sixth floors for the next five years.

The Center for Reproductive Rights, a global human rights organization that has been present at the office property for the past 10 years, has signed a 15-year renewal and will continue to use its 35,995 square feet of space, occupying an entire floor.

The building’s current tenants also include companies such as WeWork, Howard Hughes, Cantor Fitzgerald Relief Fund, Epsilon Data Management, Allied World Insurance and New York County Health Services Review Organization, among others, according to CommercialEdge.

CBRE’s Vice Chairmen Craig Reicher and Christopher Mansfield negotiated on behalf of The Legal Aid Society, while the Center for Reproductive Rights was represented by Savills’ team led by Vice Chairmen Daniel Horowitz and Jeffrey Peck, Vice Chairman, Director & Co-Branch Manager Ira Schuman and Senior Managing Director Stephan Steiner. The landlord was represented in-house by the company’s Managing Director Adam Rappaport and Executive Managing Director Brett Greenberg.

Built in 1984, the Class A high-rise features 21 passenger elevators, ground-floor retail space, 36,985-square-foot floorplates and 130 parking spots, CommercialEdge data shows. Common-area amenities include a fully upgraded atrium lobby, bicycle rooms, showers and locker rooms, a tenant messenger center and a full-service garage with direct lobby access. Additionally, the office asset has LEED, WELL Health Safety, Wired Platinum and EPA’s Energy Star certifications.

Recent Manhattan deals

Situated within the Seaport District and the Fulton Street corridor, the office tower is close to multiple subway, bus and train stations, as well as East River Esplanade. The property is within 1.5 miles from Lower Manhattan, 4.6 miles from Union Square, 12 miles from Washington Heights and 17 miles from John F. Kennedy International Airport.

Earlier this month, The Feil Organization inked a long-term lease for 19,326 square feet of office space at 261 Fifth Ave. Reinsurance company Lockton Re signed the 10-year deal, relocating its headquarters at the property’s 10th floor. In June, Empire State Realty Trust secured two other notable leases: Skanska inked a full-floor expansion and Aprio relocated its office to the Empire State Building.

The post Jack Resnick & Sons Inks Lease Renewals in Manhattan appeared first on Commercial Property Executive.

CBRE and Savills represented the tenants in two transactions totaling more than 100,000 square feet.
The post Jack Resnick & Sons Inks Lease Renewals in Manhattan appeared first on Commercial Property Executive. Read More Commercial Property Executive

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.