Boisi and Buckey of Colliers ABR lease 13,725 s/f

According to Colliers ABR, Inc., Coastal Development LLC signed a 10-year lease for 13,725 s/f at 745 Fifth Ave. and will occupy the entire 18th floor. Coastal Development is a privately held company that specializes in financing and developing resort destinations, hotels and gaming facilities. Since its inception, in the late '90s, Coastal Development projects have included the co-development of the Hard Rock Seminole Casinos with locations in both Tampa and Hollywood and is also the largest shareholder of Suffolk Downs a thoroughbred racetrack in Boston, Mass. The company will relocate its offices from 1 East 57th St. to 745 Fifth Ave. and will take place early 2010. Mark Boisi, chairman, and Peter Buckey, director at Colliers ABR represented Coastal Development. Paramount Group, Inc., owner of the building, was represented in-house by Arthur Bocchi and the building's leasing agents, Scott Klau and Erik Harris of Newmark Knight Frank. "We are delighted Coastal Development LLC chose to relocate their headquarters to 745 Fifth Ave.," said Buckey. "Coastal Development LLC was attracted to the building's superior Plaza District location and the space's outdoor terraces with sweeping views of Central Park. Spaces of this kind are few and far between. In fact this floor wasn't even on the market when we first approached the building. Thanks to creative problem solving and coordination with the building's leasing agents, we were able to accelerate the termination of an existing lease and make the space available to fit our tenant's timeline. In addition, the floor plate size also made sense, enabling the tenant to consolidate its operations from three floors down to one." "We are thrilled to relocate our offices on to Fifth Ave.," said Martin Klein COO of Coastal Development. "I am very pleased that all the parties involved could arrange the delivery of this special floor according to our relocation schedule."