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J.Crew Sells Back Its Lease, Expands in Sublease
JLL represented apparel retailer J.Crew in two interdependent transactions downtown. Landlord Vornado Realty Trust bought back J.Crew’s 295,000-square-foot lease at 770 Broadway, allowing another tenant to expand. J.Crew then sublet 325,000 square feet from Bank of New York Mellon at Brookfield’s 225 Liberty St.
“This was an extraordinarily complicated series of transactions with multiple parties and many moving parts that all had to line up at the same time,” said JLL’s Robert Martin. “But a creative approach and a lot of hard work produced a result that was beneficial to all involved.”
Together with Peter Riguardi and Joe Messina, Martin represented J.Crew in the lease buyout. He and Messina, along with TJ Hochanadel, also represented the retailer at 225 Liberty. Riguardi, Frank Doyle, Michael Berg and Clark Finney represented the bank. “The Bank of New York space at 225 Liberty was an ideal location for J.Crew,” said Riguardi.
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