This transaction continues to show how vibrant and dynamic Lower Manhattan has become, which retains existing tenants and continues to attract new businesses, companies and residents.
New York, NY (PRWEB) October 30, 2014
The Heffner Agency, a multigenerational family-owned insurance company, will soon relocate to 40 Wall Street, a.k.a. the Trump Building, in a transaction brokered by global commercial real estate services firm Savills Studley.
The firm has signed a 15-year, 9,869 square foot lease comprising a portion of the 31st floor at the world renowned, 72-story landmark address. The company is currently located at 110 William Street and expects to move by the fourth quarter of 2014.
According to Savills Studley’s Executive Managing Director Marc R. Shapses, the agency was seeking turnkey space with “great value” while remaining committed to its downtown roots. “This transaction continues to show how vibrant and dynamic Lower Manhattan has become, which retains existing tenants and continues to attract new businesses, companies and residents,” Shapses said.
Savills Studley Associate John Harte added, “We arranged a very favorable build-to-suit agreement whereby the landlord has fully covered the installation for the tenant, minimizing out-of-pocket costs.”
“We are committed to our downtown heritage,” said Heffner Agency President Anthony Lamb, “and we are thrilled to have found beautiful, pre-built space at a historic address like 40 Wall Street.”
Mr. Shapses, along with Mr. Harte and Executive Managing Director Joseph Genovesi, represented the tenant in the long-term transaction, while Jeffrey Lichtenberg and Frank Cento of Cushman & Wakefield represented the landlord, the Trump Organization. Asking rents were in the $40s per square foot range.
Established in 1933 by founder Wesley E. Heffner, the Heffner Agency offers a wide variety of services in both personal and commercial insurance.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 25 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 27,000 professionals and over 600 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit http://www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.