Theresa Agovino | 07.06.2010 | Crain's New York Business
Janney Montgomery Scott is renewing its lease and expanding its footprint at 575 Lexington Ave., between East 51st and East 52nd streets.
The Philadelphia-based financial services firm inked a seven-year deal for nearly 22,250 square feet in the tower owned by Silverstein Properties. Asking rent for the deal, which covers the entire 15th floor, was $55 a square foot.
The firm is currently located in a 16,000-square-foot spread on the 34th and 35th floors. It is expected to relocate in November.
Janney Montgomery opted to stay in the building because it could have a full-floor presence at a cost-effective rent, according to broker Jimmy Wenk of Jones Lang LaSalle, who represented the firm with his colleague Paul Formichelli.
Silverstein Properties was represented in-house by Roger Silverstein, senior vice president of leasing, and Jeremy Moss, vice president and director of leasing.
"Having renewals plus expansions is good for the building and it is good for the economy," says Mr. Moss.