Rudder and Heller of Time Equities sign two leases at 125 Maiden Ln.: 5,950 s/f total

According to Time Equities, Inc., (TEI) it has signed two new leases at 125 Maiden Ln. totaling 5,950 s/f. Chelo Publishing Inc., which signed a 10-year lease for 4,370 s/f, is a publishing company that specializes in fitness magazines. The firm relocated from the Empire State Building where it has been a tenant for over 20 years. Michael Rudder and Michael Heller of TEI represented the landlord, 125 Maiden Equities, LLC, while Thomas Sullivan of The Hunter Realty Organization represented the tenant in the transaction. The asking rent for the space was $42 per s/f. Vintage Partners, LLC, a Brooklyn-based law firm that signed a 10-year, 1,580 s/f lease, will utilize its new office space as the company's Manhattan headquarters. Rudder and Heller represented the landlord, while Jeffrey Symmons of The Lawrence Group represented the tenant in the deal. The asking rent for the space was $42 per s/f. "These recent transactions highlight the continued demand for first-class office space in Lower Manhattan," said Rudder. "We are thrilled to have Chelo Publishing and Vintage Partners as tenants and are proud to say 125 Maiden Ln. is now 100% occupied." TEI converted the building to office condominiums in November of 2006 and have since sold over 240,000 s/f of space while maintaining ownership of 29% of the property, which they lease. Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million s/f of residential, industrial, office and retail property. TEI is implementing portfolio-wide sustainability initiatives aiming to reduce the carbon footprint associated with the operation of its buildings by 20% by 2010. TEI will be carbon neutral in its corporate operations by the end of 2009.