Farchi and Tabibnia of Azad Property secure lease for FedEx; 10-year term for 5,733 s/f of retail space

According to Azad Property Group, next month Federal Express will start their work on the last retail unit of 20 Pine Condominiums. "We saved the best for last," said Mansour Tabibnia of Azad Property Group, who along with partner Barry Farchi, co-represented the space at 20 Pine St. FedEx, who was represented by Cassidy Turley, provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. "They will ultimately be using this retail space as their distribution center, and, with the headquarters of their top customer, J.P. Morgan Chase, right across the plaza, the retail lease made perfect sense," said Tabibnia. "Despite the uncertain economic environment, FedEx continues to generate credit metrics in line with the expectations for their rating; their lease signing at 20 Pine makes them one of the top-rated new tenants coming to Wall St. before the completion of 1 World Trade Center," he added. As one of the leading companies in the world with a top-three international credit rating, the new presence of FedEx not only shows confidence in the retail sector of Wall St., but it further proves that Wall St. real estate is back, and it is back to stay. "This lease is another sign that the area is changing dramatically," said Farchi in regard to this surge in the downtown market. This was the second retail transaction for Azad Property Group at 20 Pine in the past 12 months. FedEx has agreed to a 10-year-term for 5,733 s/f of retail space, with an annual rent of $522,000.