Panzer and Houley of Newmark Knight Frank lease 40,000 s/f

Global Hue has signed a ten-year lease for 40,000 s/f for its New York office on the 17th and 18th floors of 123 William St. in the financial district Newmark Knight Frank executive vice president and principal Scott Panzer and senior managing director Elizabeth Houley represented the communications agency in lease negotiations with landlord A&M Properties, represented by Stuart Romanoff and Michael McKenna of Cushman & Wakefield. Southfield, Michigan-based Global Hue engaged Houley in late 2006 to help it find new space after the company had outgrown its Midtown South location. The search encompassed a number of submarkets before Global Hue found exactly what it wanted in Lower Manhattan. "Creative enterprises such as Global Hue typically look for office space in SoHo, the Meatpacking District, Park Ave. South, so-called 'edgier' parts of the city," said Houley, "But many of these companies are finding that rents have moved into the $60 to $70 per s/f range in a lot of what used to be reasonably priced buildings in these areas." These companies are now finding better-priced space alternatives in the Financial District of Lower Manhattan, Houley notes, "which was once almost solely home to financial services-oriented space users - but now is the place where many companies, such as Niche Media, and other creative-business sectors, are landing." At 123 William St., Houley said, "We found an amazing unit of already finished-out space with great power supply, technology infrastructure and outstanding views - all at a very respectable price." "The space is right, the price is right, and we think this will be a very high-profile spot," said Robb Chavis, Global Hue senior vice president, legal counsel and operations. "For us, our new location represents a balance between finding a great value, and at the same time distinguishing ourselves by establishing a strong presence in an area that is definitely trending upward." A ten-year lease now signed, Global Hue will be moving into its new space during first quarter 2008.