CRC Insurance, the largest wholesale insurance broker in the United States, will be relocating its New York City office to the 36th floor of 140 Broadway, having signed a 13,154-square-foot sublease with Dominion Bond Rating Service (DBRS).
International commercial real estate services firm Studley’s Joseph Genovesi, executive managing director, with Casey Lewis, associate, represented Alabama-based CRC in the transaction.
CRC, which had a 9,000-square-foot lease expiring at 80 Broad Street, wanted to remain Downtown, close to its New York City customer base.
“CRC was attracted to the quality of 140 Broadway, as well as the southern views of the Hudson that they will enjoy from the 36th floor,” shared Mr. Genovesi.
“In addition, the space, which is raw at the moment, will be built out to CRC’s specifications, using the generous tenant-improvement allowance we negotiated into the lease,” explained Mr. Genovesi, who added that the larger space is also more appropriately sized for the firm’s current headcount.
The company expects to move by June 2010.
Gerry Miovski and Tom Shirocky from CBRE acted on behalf of the sub-landlord.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.