Engineering Firm Grows Despite Recession
Construction Engineering Firm Expands to 44,101 SF at 40 Wall Street
New York, NY (June 2, 2010)  
By sticking to its aggressive growth strategy in the face of the recession, HAKS Engineers has positioned itself to take full advantage of the opportunities for the management of  public sector construction work supported by Federal Stimulus funds. As a result, the firm is expanding its office space in at its New York City headquarters by nearly 30 percent by committing to 44,101 square feet at The Trump Building at 40 Wall Street.

Housed on the 11th floor in 33,426 square feet since 2004, the multi-disciplined construction management, engineering, architecture, land surveying and material testing firm is expanding by an additional 10,675 square feet on part of the fourth floor.

“We’ve hired 100 people across all disciplines over the past year,” said Shahid Akhtar, CFO of HAKS, “and we expect to add more people in our construction management division as a result of the additional public-sector work”.

Though most of these new hires are in the field, Shahid continued, we’ve also had to expand our management team, and that’s who will be filling the new offices.”

Executive Managing Director Marc Shapses, Managing Director Jason Schwartzenberg and Senior Managing Director Joseph Messina of international commercial real estate services firm Studley represented HAKS in the 10-year lease expansion and extension, making the two leases coterminous.

“This expansion and extension came at a good time for my client,” noted Mr. Shapses.  “We have locked in desirable lease rates for the next 10 years.”

The landlord will be building-out turnkey space on the fourth floor and has provided a work letter that will cover upgrades to the existing space on the 11th floor.

Jeffrey Lichtenberg, an independent consultant, and Adam Foster, Bradley P. Gerla, Michael G. Higgins, Gregg Rothkin  and Rima Shpolyansky of CBRE, together represented The Trump Organization. 

Asking rent at the 42-story, 1.1 million-square-foot property is $35 to $47 per square foot.  Other tenants in the building include CNA Insurance, Heidrick & Struggles, Countrywide Insurance, and Susquehanna.

Attorneys in the transaction were: Howard Rubin of Geotz Fitzpatrick LLP for the tenant and George Ross of the Trump Organization.

About Studley.
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