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Brokerage
Posted: May 19, 2008
Wartels and Rayner of CresaPartners negotiate 4,988 s/f lease for law firm Stibbe at 489 Fifth Ave.
CresaPartners has negotiated a 4,988 s/f lease on behalf of Dutch law firm Stibbe P.C. at 489 Fifth Ave., between East 41st and 42nd St. The term is for 10 years.
The tenant, which will occupy the entire 32nd floor in the spring, is relocating from 350 Park Ave.
"Stibbe realized that by moving from Park Ave. to Fifth Ave. it could reduce its rent without compromising the quality of its space or location," said Ed Wartels, assistant VP at CresaPartners. "Not only is the tenant spending less on rent by relocating, but its new space has wonderful light and commanding views of Fifth Ave., the New York Public Library and Bryant Park."
Wartels and Marcus Rayner, principal of CresaPartners, represented the tenant. Scott Klau, Erik Harris and Myles Fennon of Newmark Knight Frank represented the building owner.
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