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HAPPY HOLI-DEALS!

WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson -- Marriott International
Mike Gill -- The State of Maryland
Barry Glassman -- Glassman Wealth Services
HAPPY HOLI-DEALS!
On the ninth day of December, my true love gave to me: another lease renewal, one more building sale, and a partridge in a pear tree. ♫ As the year draws to close, so do deals like Winston & Strawn’s 263k SF lease at the MetLife Building, and Invesco Real Estate and The Kaufman Org’s $94M buy of 100-104 Fifth Ave.
200 Park Ave, New York, NY, MetLife Building
The international law firm inked a 15-year renewal and expansion at the 200 Park building, taking 18,628 SF after picking up another 42,806 SF just five months ago. It’s been a tenant in the building since ’95, while a predecessor had been there since ’86. Studley’s Mitch Steir, John Mambrino, and Matthew Barlow repped the tenant, while Meghan Sheehan repped owner Tishman Speyer in-house. The lease comes nearly a year after Gibson Dunn signed a 260k SF renewal and CBRE signed a 125k SF renewal/relocation in the same building.

101-104 Fifth Ave, New York, NY
The Kaufman Org also partnered with Dallas-based Invesco Real Estate to acquire the 270k SF office building at 100-104 Fifth Ave, where the JV will embark on a $9M capital improvement plan to reposition the asset, which will include renovating the lobbies, elevators, and building infrastructure starting in Q1 ’11. Kaufman’s Grant Greenspan, Michael Kaufman, and Elliot Warren will be the exclusive leasing agents for the Union Square-area building, while the firm will also act as managing agent. It’s already home to a mix of creative and new media companies, ad and architectural firms, educational and financial businesses.