Oppenheimer & Co. Inc. Renews 90,000-sf Lease at the MetLife Building
5 May, 2011, New York
Cushman & Wakefield announced today that Oppenheimer & Co. Inc., a leading investment bank and financial services firm, has renewed its 90,000-square-foot office lease at Tishman Speyer's MetLife Building at 200 Park Ave - the 58 story class-A tower that straddles Park Avenue at Grand Central Terminal.
Oppenheimer & Co. signed a long-term lease to remain on the 24th and 25th floors, which will continue to be occupied by the company's Wealth Management groups.
Matthew Astrachan, Steven Bauer and Mitchell Konsker represented Oppenheimer & Co. in its office space evaluation and lease negotiation. Tishman Speyer was represented in-house by Megan Sheehan.
"Oppenheimer considered a variety of alternatives in the market, but ultimately chose the convenience, economics, and building reputation associated with 200 Park," said Mr. Astrachan, a Vice Chairman of Jones Lang LaSalle who began work on the assignment while at Cushman & Wakefield.
Mr. Bauer, a Cushman & Wakefield Executive Director, said, "Oppenheimer has a 125-year history of leadership in the financial services and investment banking arena. To ownership, Oppenheimer represented a highly desirable, high credit tenant, which helped us arrange an opportunity for the firm to remain in a world-class building at attractive terms."
"The location, amenities, views, and management, are all extremely hard to replicate, which made a renewal the most practical and efficient alternative for Oppenheimer," said Mr. Konsker, also a Vice Chairman of Jones Lang LaSalle.
Stretching from East 43rd Street to East 45th Street with direct access to Grand Central Terminal, the 58-story structure opened in 1963 as the renowned "Pan Am Building." From the start, it has been one of New York's City's most famous and recognized buildings, and home to many large and well-known corporations. Fully modernized, it consists of three million square feet of office and retail space with an adjacent six-story parking garage and many first-class on-site and nearby amenities.
In addition to Oppenheimer & Co., the building is home to several major financial and legal corporations, including MetLife, Gibson Dunn & Crutcher, Winston & Strawn, Hunton & Williams and Greenberg Traurig.