Jones Lang LaSalle Tapped to Lease Midtown Office Building
- Apr 20, 2011
April 19, 2011
By Barbra Murray, Contributing Editor
There are a few holes in the tenant roster at 619 W. 54th St. in Midtown Manhattan, but Jones Lang LaSalle, having just been selected by KBS Realty Advisors to serve as exclusive leasing agent for the premier 301,000-square-foot office building, plans to fill in the gaps.
KBS has owned the 10-story building at 619 W. 54th, once known as the MovieLab Building, since 2007 when the company acquired the West Side property from a private German trust for $110 million. But 619 W. 54th has more to tout than its claim to fame as the former site of one of the East Coast’s most prestigious movie labs. “The office building represents the only option for cost-conscious tenants looking for institutionally owned and operated Class A, Midtown office space in the $20s per square foot,” Matthew Astrachan, vice chairman with JLL, notes in a prepared statement. JLL will oversee leasing and marketing efforts at the property.
There are just over 63,000 square feet of space up for grabs at 619 W. 54th, including the fully vacant eighth floor, which offers 31,800 square feet. Market statistics at the moment, however, are not on JLL’s side. According to the firm’s first quarter report, Midtown Manhattan’s Class A office vacancy rate did a bit of an about-face during the first three months of 2011, jumping from 12.3 percent in December 2010 to 12.8 percent by the end of March. While current conditions in the market may be temporarily uncooperative, JLL still has a strong track record on which it can rely. In 2010, JLL orchestrated approximately 17 million square feet in lease transactions in the New York tri-state area.
Also working in JLL’s favor is the fact that recent activity at 619 W. 54th has been none too shabby. KBS closed a new 32,000 square-foot lease agreement with Rogosin Institute, and the company secured Warner Music Group’s renewal for its 32,000 square-foot space. KBS also recently completed renovations at the property.