New York, NY Rosenberg & Estis, P.C., one of New York City’s largest real estate law firms, served as legal counsel for The Durst Organization in a recent lease transaction with Nasdaq, Inc. at 4 Times Sq.
Nasdaq, one of the original tenants in the building, will quintuple its space in 4 Times Sq. from 24,000 s/f to 145,000 s/f of space, relocating its global headquarters from One Liberty Plaza in Lower Manhattan to the same location as its current MarketSite, at 4 Times Sq.
As part of the 15-year new lease and lease extension, the Nasdaq MarketSite will be expanded from the 1st and 2nd floors to include, on the 10th floor of the building, an event space and a 2,100 s/f terrace overlooking Times Sq. In addition to Nasdaq’s MarketSite and headquarters office space within the building, Nasdaq is home to approximately 3,900 listings, and its technology powers more than 90 marketplaces worldwide.
Rosenberg & Estis’ Robert Kessler, member; Jolie Meer, of counsel; and Jessica Hosenbold, associate, represented The Durst Organization on: the extension of and amendment to the MarketSite lease; the extension of and amendment to the signage license for the iconic cylinder sign; a new license with options for rooftop signage; and a new a license with options for a sign on the Broadway side of the building and a “ticker tape” sign on the building.
“Our R&E team, our client and our co-counsel worked tirelessly over the holidays and in a compressed timeframe to complete a set of complicated and intertwined agreements enabling our client to consummate its deal with this important tenant within the desired period of time,” Kessler said.
Designed by Fox & Fowle and constructed in 1999, the 52-story 4 Times Sq. was one of the nation’s first office towers to incorporate green design. The 1.6 million s/f building recently benefited from a $140 million capital improvement program that features a 45,600 s/f amenity floor with conference, meeting and event spaces managed by Convene, and a café and coffee bar managed by Michelin Star chef Claus Meyer.