Silverstein Properties today announced that ALM, a leading media company that publishes 33 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel, The National Law Journal, and Real Estate Forum, has agreed to move its headquarters to 120 Broadway in Downtown Manhattan. ALM will occupy two floors totaling approximately 90,000 square feet. In addition, Dealogic, an investment banking technology company, has added another 12,000 square feet as part of a lease renewal that brings its total commitment in the landmark building to approximately 40,000 square feet. With these two lease agreements, the historic office tower is virtually at full occupancy.
"ALM's decision to relocate to 120 Broadway and Dealogic's expansion in the building are yet two more important indicators that Downtown is getting stronger by the day and that the neighborhood is attracting an exciting mix of tenants to join the financial institutions that are the area's mainstay," said Larry A. Silverstein, President and CEO of Silverstein Properties.
ALM currently has offices at multiple locations in New York City. Its leading Web sites include Law.com for legal professionals and GlobeSt.com for the commercial real estate industry. The company is one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution.
"We're committed to the future of New York City and are delighted to be joining the many world-class companies that are participating in the revitalization of Lower Manhattan," said William Pollak, CEO of ALM.
Roger A. Silverstein of Silverstein Properties handled the negotiation of the lease agreement for Silverstein. Michael Cohen and Leon Manoff of GVA Williams represented ALM in lease negotiations. ALM plans to move to its new location at 120 Broadway beginning in July 2008. The company signed a 10-year lease to occupy the entire 5th floor and most of the 6th floor of 120 Broadway.
For the past 11 years, Dealogic has had its New York headquarters on the 10th and 11th floors of 120 Broadway. Dealogic is the leading supplier of transaction management technology and information systems for the investment banking industry. The company has been experiencing consistent growth in both New York and globally and expects to continue growing and expanding its operations going forward.
"The expansion at 120 Broadway is a long term investment in the future of our firm and provides our staff with the first class facilities that will allow us to continue delivering the client support, content and software which make us the leading technology firm in the market in which we operate," said Tom Fleming, CEO of Dealogic.
The company is consolidating its New York office, which currently houses 173 employees, and taking an additional 12,000 square feet at 120 Broadway. The new space provides room for expansion to 300 staff in the future.
Roger A. Silverstein of Silverstein Properties handled the negotiation of the lease agreement for Silverstein. Marc R. Shapses, Executive Managing Director at Studley Inc., represented Dealogic in lease negotiations. The company signed a 15-year lease to occupy nearly the entire 8th floor - 40,000 square feet - of 120 Broadway.
"Dealogic, which experienced three prior expansions within the building, was situated on two separate floors at 120 Broadway at the time of this fourth expansion," said Mr. Shapses. "Our mandate was to explore a variety of options for the client, namely relocating to other buildings and possibly even other areas of Manhattan. Being able to operate more efficiently was high on their list of ‘must haves.' Ultimately, we determined that remaining at 120 Broadway by consolidating into 40,000 square feet on one floor was the most cost effective and practical option. We worked closely with Roger Silverstein, who was tremendously cooperative in helping to arrange the single floor solution for our client."
Silverstein Properties, owner of 120 Broadway, recently completed a $60 million renovation program for the structure, a 1.8-million-square-foot National Landmark building. Current tenants of 120 Broadway, also known as The Equitable Building, include: the Attorney General of the State of New York, Alliance for Downtown New York, Lebenthal & Co., Spear Leeds & Kellogg, Emmet, Marvin and Martin, and the Securities Industry Association.
About Silverstein Properties
Silverstein Properties is a Manhattan-based real estate development and investment firm that has developed, owned and managed more than twenty million square feet of office, residential and retail space. In July 2001, Silverstein completed the largest real estate transaction in New York history by acquiring the 10 million sq. ft. World Trade Center, only to see it destroyed by terrorist attacks six weeks later on September 11, 2001.
Silverstein has committed to the redevelopment of the World Trade Center site. On May 23, 2006, Silverstein Properties opened 7 World Trade Center, a 52-story, 1.7 million square foot office tower, at 250 Greenwich Street, just north of the World Trade Center site. In April, 2006, Silverstein Properties started work on the Freedom Tower. In September, 2006, designs were unveiled for three new office towers on the WTC site - 200, 175 and 150 Greenwich Street - that will be developed by Silverstein Properties. Construction on the three towers will begin in January 2008. For more information, visit http://www.wtc.com/.
ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 33 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel, The National Law Journal and Real Estate Forum. The company is one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. ALM's Law.com is the Web's leading legal news and information network, while ALM's GlobeSt.com is the Web's leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution. For more information, visit http://www.alm.com/. ALM is an Incisive Media company.
Dealogic is the leading supplier of analytic benchmarking systems for investment banking and integrated workflow solutions for the capital markets. With long-standing relationships and a history of success, Dealogic is renowned for delivering quality products globally with customers in over 30 countries.
Dealogic Analytics offers global coverage of the investment banking and financial sponsor markets allowing users to keep informed real time of all deal related activity. Dealogic's systems are used extensively for marketing and competitor analysis and allow for detailed analysis of industries, regions, products, pricing trends and transaction structures as well as for senior level strategic planning.
Dealogic Solutions provides an integrated transaction and event management platform that is used in all stages of the capital raising process from deal origination through marketing, compliance, bookbuilding, allocation and final settlement. For more information, visit http://www.dealogic.com/.