4
Jones Lang LaSalle
AREA LEADERS
PETER RIGUARDI, President – New York Region
STEPHEN SCHLEGEL, Chief Operating Officer
RAYMOND QUARTARARO, International Director
TOP-PRODUCING LEASING BROKERS:
Total Square Footage of Completed Leases:
6,917,087 SF
The network that broadcasts 30 Rock each week looked
to JLL for tenant representation in a major 30 Rock lease.
In 2011, JLL represented Comcast/NBC Universal in two
separate Manhattan transactions, including a 10-year,
1.4-million-square-foot lease at 30 Rockefeller Plaza.
Scott Panzer, vice chairman, and Michael Shenot, managing
director, arranged that March deal on behalf of the tenant.
Three months later, Panzer secured a 20-year, 250,000-square-
foot lease for Comcast/NBC Universal at 1221 Ave. of the
Americas.
Earlier in the year, JLL’s Paul Glickman was on the other side
of the negotiating table, representing 120 Park Ave. owner
Global Holdings in a deal for approximately 300,000 square feet
taken by Wells Fargo, in which the banking giant consolidated
from four other Midtown locations. The deal reportedly included
expansion rights that could allow Wells Fargo to occupy as much
as 400,000 square feet at 120 Park, largely vacant since former
FRANK DOYLE
Chairman
MITCHELL KONSKER
Vice Chairman
SCOTT PANZER
Vice Chairman
owner Altria relocated its headquarters to Virginia. In all, JLL’s
New York leasing team arranged 690 deals between July 2010 and
June 2011, a big jump over the tally of 410 leases that earned the
team a spot in last year’s Top Brokerage Houses section.
“Demand for New York trophy office product remains strong
and steady despite continued economic uncertainty and volatility in the stock market,” says Peter Riguardi, president of the
New York region at JLL. “Buildings at the top end of the market
have shown steady improvement throughout the year and continue to outpace the rest of the Manhattan market. The tower
floors at the top of the city’s trophy properties have seen average
asking rental rates rise faster than any other segment of the
city’s office market.”
5
Studley
TOP-PRODUCING LEASING BROKERS:
AREA LEADER
MITCHELL S. STEIR
Chairman & CEO
Total Square Footage of Completed Leases:
5,178,013 SF
The pioneering tenant-representation firm negotiated
a lease earlier this year that itself was trail-blazing on a
couple of fronts. Studley brokers represented
WilmerHale in its 210,000-square-foot lease agreement
at Silverstein Properties’ 7 World Trade Center, which
brought the law firm out of the more traditional Midtown
milieu and into a revitalized Lower Manhattan. Fittingly for a
tower that was the first commercial
office building in Manhattan to
receive LEED Gold certification, the
WilmerHale transaction is described
as the first green leasing deal in the
New York City.
The lease language devised by the
Bloomberg administration and commercial real estate industry leaders
was intended to overcome one of the
key hurdles property owners face in
retrofitting their properties for sustainability: the so-called “split incentive,” in which landlords bear the
cost of energy-efficiency improvements but tenants reap virtually all
the savings.
MATT BARLOW
Executive Vice President
DAVID GOLDSTEIN
Executive Vice President
MITCHELL S. STEIR
Chairman & CEO
In all, Studley negotiated 231 leases worth $5.8 billion in the
13 months between midyear 2010 and 2011. Mitchell S. Steir,
chairman and CEO of Studley as well as its top-producing broker for several years running, comments that leasing activity in New
York will remain “spotty,” unless
the market takes a turn for the
worse with a relapse in the economy or severe Wall Street layoffs.
“Tenants looking for trophy
space, quality big blocks, and tech/
digital media space have seen
smaller concession packages and
higher rents in 2011,” Steir says.
“The rest of the market has seen
moderating activity. Meantime,
smaller to mid-sized tenants with
geographic flexibility will continue
to have a wide range of options for
the balance of 2011.”
WHEN RANKED BY THE TOTAL NUMBER
OF LEASING TRANSACTIONS CLOSED,
THE TOP FIVE FIRMS ARE:
