Reis Services, LLC a national provider of commercial real estate market information and analytical tools, has signed a 44,689-square-foot sublease with King & Spalding for office space at 1185 Avenue of the Americas. The company will move from 530 Fifth Avenue into space on the entire 30th and part 31st floors of the building, according to Reis’ commercial real estate advisor, Savills Studley.
The new headquarters office for Reis will continue to build on the company’s expansion throughout the New York-metropolitan area. Just six months prior, Savills Studley arranged a 48,346 square-foot lease renewal and expansion for the firm’s research and operations team at 333 Westchester Avenue, a move that grew the company by nearly 39,000 square feet at the 500,000-square-foot complex in White Plains. With the new lease, Reis will have two locations, one in New York City and the other in Westchester County, N.Y.
Savills Studley’s Executive Vice President Daniel O. Horowitz, Executive Managing Director Jeffrey I. Peck and Managing Director Gary Kerper represented the subtenant in the long-term subleasing transaction, while Adam Ardise, Richard Bernstein and Bryan Boisi of Cushman & Wakefield represented the sublandlord.
“Reis was seeking new space in Manhattan to serve its growing footprint,” said Horowitz. “The advantages offered by this long term sublease included a functional space that had tremendous value already embedded, coupled with a full concession package that allowed Reis to refine the workplace to its exact requirements.”
“We were able to achieve all of this for Reis at a premier midtown address at a very low basis,” added Peck
“Reis is very excited that our new Manhattan office is located in a building owned and managed by a premier landlord such as SL Green Realty Corp,” said Bill Sander, President and COO of Reis.
1185 Avenue of the Americas is a 1,088,690 square-foot class A office building located between 46th and 47th Streets. Reis will benefit from several amenities and special features at the property, including direct access to the Rockefeller Center concourse and close proximity to all major transportation hubs.”
About Reis
Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing and student housing properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals in over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.
