William Macklowe Co. and Clarion lands 50,000 s/f lease at 636 Avenue of the Americas

Less than six months after teaming with Clarion Partners to purchase 636 Avenue of the Americas, owner William Macklowe Co. has concluded a long-term multi-floor lease with SecondMarket Holdings, Inc., bringing the class A property to 100% occupancy. As the building's new anchor tenant, SecondMarket has leased a total of 50,000 s/f on floors three through six as well as the building's penthouse. It expects to relocate from its current offices at 26 Broadway in Lower Manhattan to its new headquarters space in early 2012. As part of the 10-year leasing agreement, which brings the building to 100% occupancy, 636 Avenue of the Americas will now be known as the SecondMarket Building. Among the options the tenant has been given for its growth are rights for expansion and a penthouse with an outdoor roof deck for its exclusive use. Jones Lang LaSalle represented both the tenant and building owner. SecondMarket was represented by Jim Wenk and Paul Formichelli, senior vice presidents, Dan Suozzi, vice president, and John Lewis, associate. The William Macklowe Co./Clarion Partners venture was represented by Mitchell Konsker and Matthew Astrachan, vice chairmen, Jonathan Tootell, vice president, and Matt Ginberg, associate. "We are delighted that a cutting-edge company recognizes 636's extraordinary potential to serve as a corporate headquarters, and that it believes in our ability to reposition this property as the premier boutique office building along the historic Ladies Mile corridor," said Billy Macklowe, CEO of William Macklowe Co. "636 Avenue of the Americas is proving to be a smart investment for our client," said Ed Rotter, managing director at Clarion Partners. "The fact that we have reached full occupancy, completing the tenant roster with such a strong anchor validates our decision to partner with the William Macklowe Co. in this classic building." "William Macklowe Co.'s commitment to bring a class A, midtown level of service to this asset, along with a substantial investment in the property, enabled us to differentiate this unique opportunity from other buildings in the area," said Konsker. "SecondMarket understands the value of the building, and appreciates ownership's dedication to the property and its tenants." "Our client was particularly impressed with ownership's plan to reposition this building," said Wenk, "which includes the restoration of the building facade's distinctive architecture, the expansion and full renovation of the lobby, and the installation of new mechanical systems, elevators and infrastructure."