Valley National Bank Leases Office Space To Heritage Realty In Midtown Manhattan For $65/ft

The asset involved in this transaction is an office space located at 579 5th Avenue in Midtown Manhattan. The total square footage of the property is 12,000, and it operates under a Modified Gross Lease with an asking rent of $65 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not Disclosed
• Address: 579 5th Avenue
• Market: Midtown Manhattan
• Sublandlord: Valley National Bank
• Tenant: Heritage Realty
• Landlord's Representative: Claire Koeppel & Jonathan Franzel - Newmark
• Tenant's Representatives: Daniel Lolai, Wayne Siegel, Raymond Balassiano & David Lolai - LSL Advisors

This lease transaction features prominent representatives from both the tenant and landlord sides, indicating a significant involvement of LSL Advisors in representing Heritage Realty, while Newmark played a key role in representing the landlord. The collaborative effort between these entities facilitated the successful leasing arrangement.