C&W adds two new tenants at L&L's Metropolitan Tower

Real Estate Weekly,  Oct 17, 2007  by Daniel Geiger

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According to a release issued by Cushman & Wakefield to rew-online. corn, 15,000 s/f of leases have just been signed at 142 West 57th Street, the dark and sleek glass tower owned by L&L Acquisitions which is known as Metropolitan Tower.

The two leases were signed with the financial firms Camden NY Venture and Hutchin Hill Capital with Camden taking 7,000 s/f on part of the 5th floor and Hutchin taking about 8,200 s/f on part of 15.

A source familiar with deals in the building says that another 12,000 s/f of space will soon get taken up as well, but would not yet reveal the tenant. The building's brokers did not reveal rents for the deals, but asking rates for space in the building typically ranges between $75 per s/f and $90 per s/f. L&L has made an effort to boost rents by conducting an ongoing renovation, redoing the building's lobby, upgrading the elevators and making other cosmetic improvements. Camden and Hutchin took spaces that were pre-built by L&L, meaning that they are basically in move-in condition. L&L has more prebuilts on Metropolitan Tower's 6th, 7th and 8th floors as well, space that totals about 27,000 s/f.

A Cushman & Wakefield team comprised of brokers Tara Stacom, Mitchell Arkin, JoAnn Stock, David E. Green, Scott Vinett and Andrew Ackerman are the exclusive leasing agents for Metropolitan Tower and represented L&L in lease negotiations.

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