Thornton-Tomasetti Group Inks 70,000-Sf Headquarters Lease At Landmark New York Life Building
25 May, 2005, New York, NY
CB Richard Ellis Represents International Engineering Firm in Major
Thornton-Tomasetti Group, an international engineering and design firm, has committed to 70,000 square feet of space for its US corporate headquarters at the New York Life Building located at 51 Madison Avenue. This transaction represents a major expansion for Thornton-Tomasetti, currently occupying approximately 40,000 square feet of space at 641 Avenue of the Americas. The firm plans to relocate to its new space by early 2006.
The CB Richard Ellis team of Timothy Dempsey, Alan Desino, Christopher Mansfield and Mary Ann Tighe negotiated the long-term transaction on behalf of Thornton-Tomasetti.
Cushman & Wakefield's Paul Glickman, Mitti Liebersohn, David Glassman, Shawna Menifee and Diana Biasotti represented New York Life in the transaction.
"Our client will now be able to consolidate from multiple floors to contiguous space at 51 Madison, a major advantage which automatically enhances its productivity and provides them with the opportunity to design an environment fostering a more collaborative atmosphere," noted Mr. Desino.
According to Mr. Glickman, "51 Madison exudes New York history and prominence, with unparalleled amenities and a superior infrastructure befitting New York Life's landmarkheadquarters. Thornton-Tomasetti is a perfect fit as the first major tenant to lease space at 51 Madison, because they not only appreciate its architectural distinction, but recognize the benefits of the unique amenities associated with a Fortune 100 headquarters building."
"This transaction was also important to Thornton-Tomasetti as it enabled the firm to secure space of its current as well as future expansion needs. As the first major tenant to commit to the New York Life Building for its headquarters, we were able to structure a mutually beneficial transaction," added Mr. Dempsey.
"Our choice of this building was based on a desire to provide an efficient work environment for our growing New York staff, a place which would inspire creativity and encourage collaboration. The quality of the office space together with the amenities available in the building and in the neighborhood made the New York Life building a clear winner," said Aine Brazil, Managing Principal of Thornton-Tomasetti.
Located between 26th and 27th Streets in Midtown South, 51 Madison Avenue is a 1.5 million square foot limestone-sheathed structure inspired by the Salisbury Cathedral in England. It rises 40-stories, occupying a full city block adjacent to Madison Square Park, and is topped by a famous six-story golden pinnacle recognized throughout the nation.
Currently, New York Life occupies three-quarters of the building, which serves as its world headquarters. Following the Thornton-Tomasetti lease, there is approximately 210,000 square feet of office space available within the historic property.
Designed by Cass Gilbert, the famed architect who also designed New York's Woolworth Building and the Supreme Court, 51 Madison was completed in December 1928. In the 1860s, the property housed the Grand Roman Hippodrome, P.T. Barnum's circus arena, and later became the site of the original Madison Square Garden. It was designated a landmark in 2000 by New York City's Landmarks Preservation Commission and listed in the National Register of Historic Places as a National Historic Landmark.
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About Cushman & Wakefield, Inc.
Founded in New York City in 1917, Cushman & Wakefield is the world's largest privately held commercial real estate services firm. From its Midtown Manhattan world headquarters, the firm operates more than 175 offices in 50 countries around and employs more than 11,000 professionals. In addition to office brokerage, Cushman & Wakefield maintains one of the industry's strongest retail services groups. The firm is New York City's largest property manager, with more than 52 million square feet of property under management through its Asset Services division. The company is a leader in investment sales, valuation, research and other advisory services. In addition to Midtown and Downtown Manhattan, Cushman & Wakefield maintains leading metropolitan area offices in Stamford, Conn., White Plains and Melville, N.Y., East Rutherford, Iselin and Parsippany, N.J.
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