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July 31, 2010  

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WestLB said to be looking in midtown now
Daniel Geiger
11/19/2008
 
Lehman bankruptcy unit looking for 180,000 square feet of temp space

Brokers say that the German bank WestLB has pulled away from doing a deal at 7 World Trade Center and is now looking at a host of options in midtown, including 114 West 47th Street, 1633 Broadway and 1290 Avenue of the Americas. 

 

WestLB had been looking at the top floors in 7 WTC and there were rumors that it had tried to use the downturn in the leasing market to leverage higher space within that block for the same economics.  Landlord Larry Silverstein is said to be holding firm on the $80s per square foot he is seeking for the floors, the last block of direct space left in the building.  After being acquired last year, ABN AMRO is subleasing 140,000 square feet it took lower in the tower for rates far less, although it has a non-compete agreement with Silverstein.

 

Brokers say that the unit of Lehman handling its bankruptcy wind-down is out looking for 180,000 square feet for a short-term commitment of around three years.  Sources say it is considering the same host of choices as WestLB and the options are growing as more sublease spaces come available or are expected to around the city.

 

 

 
   

 
 
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