Global commercial real estate advisory firm Newmark announced today that it has arranged two 16-year lease renewal agreements totaling 208,060 square feet for the global headquarters of Cantor Fitzgerald L.P. Newmark’s Neil Goldmacher, chairman, National Tenant Representation, along with Jared Horowitz, vice chairman, and Jason Perla, head of Newmark’s New York Consulting Group, represented the tenant in the transaction.
The first lease renewal encompasses 151,890 square feet at Jack Resnick & Sons’ 110 East 59th Street, a 37-story trophy office tower that recently underwent a multi-year, $40MM+ capital improvement program. The second renewal is for 56,170 square feet at the adjacent 499 Park Avenue, a 28-story boutique office property that is an investment of a fund managed by American Realty Advisors.
“We scoured the market looking at different options for a possible new location for Cantor’s global headquarters and saw many interesting spaces that could fit their needs,” said Horowitz. “However, the firm has had such long-standing relationships with the current buildings’ owners and has enjoyed working with them through the years, therefore it made sense to remain in the Plaza District.”
Brett Greenberg and Fran Delgorio represented Jack Resnick & Sons in-house, while Paul Amrich of CBRE represented the landlord at 499 Park Avenue.
“We are thrilled to extend our longstanding relationship with Cantor Fitzgerald at 110 East 59th Street,” said Brett Greenberg, Executive Managing Director at Jack Resnick & Sons. “A few years ago, we made a conscious effort to put smart capital back into the building. This vote of confidence from our anchor tenant is a validation of those efforts and reinforces the property’s standing as a premier Plaza District destination.”
“We are very excited to continue our collaborative relationship with Cantor as a tenant as it further establishes the fact that 499 Park is one of the premier office locations in the Plaza District,” said Stanley Lezman Chairman & CEO of American Realty Advisors.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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