Stellar Management and Cushman & Wakefield Launch Aggressive Marketing Campaign at 2 Rector Street
New York, NY – August 17, 2010:
After the successful joint venture between Stellar Management and Savanna Investment Management to recapitalize 2 Rector Street earlier this month, today Stellar Management and Cushman & Wakefield, Inc. have launched a new marketing initiative that will reposition and re-tenant the lower Manhattan office tower.
Capital improvements on tap for the downtown office gem include new bathrooms, a new common corridor program, window repairs, heating system upgrades, and facade improvements. In addition, the landlord has created a pre-built program that will include high-end units ranging from 3,500 square feet to 17,945 square feet. For tenants in need of customized spaces, free architecture services and a turnkey program have also been implemented at 2 Rector Street.
“We are confident that 2 Rector Street will maintain its position as one of lower Manhattan’s premiere office towers,” said Stellar Management founder Larry Gluck, owner of 2 Rector Street. “This is a building that historically never had this type of available space. We are prepared to be extremely competitive on pricing and expect these units to move rather quickly,” Mr. Gluck added.
In addition to the aggressive pricing, 2 Rector Street also qualifies for the benefits under the Lower Manhattan Revitalization Program.
“In an environment in which many of the competitive properties have capital constraints, the recapitalization of 2 Rector Street has given ownership the financial strength to aggressively sign leases at today’s market rent and make the improvements needed to attract quality tenants,” said Nicholas Bienstock, Managing Partner at Savanna.
2 Rector Street currently has over 125,000 square feet of available space and a contiguous block of 71,780 square feet of space. The building will offer prebuilt units of space featuring high-quality contemporary finishes and various layouts to accommodate financial, creative, legal and service oriented tenants with discerning tastes. These units will maximize the building’s unique design and offer flexible layouts with window to interior ratios that are truly spectacular.
Mitchell Konsker is co-heading the Cushman & Wakefield team along with Frank Cento.
“We are very excited about the opportunity to upgrade the tenancy at 2 Rector Street,” said Cushman & Wakefield Vice Chairman Mitchell L. Konsker. “Prebuilt units create a unique opportunity offering quick and seamless entry into the building and we expect tenants to take advantage of that opportunity.”
“A tenant has the ability to have their space customized by ownership who is offering a turnkey program in order to eliminate any angst a tenant may have with the construction process,” said Frank Cento of Cushman and Wakefield.
Stellar Management acquired 2 Rector Street in 1997. The 430,000 square-foot, 26-story office tower is situated in the heart of Downtown Manhattan's Financial District. Occupying the full block front on Rector Street between Greenwich Street and Trinity Place, the building towers above the landmarked Trinity Church and offers outstanding harbor views that take full advantage of great fenestration resulting from the building’s unique U-shaped design. The tenant roster at 2 Rector Street includes renowned architectural, construction, financial service, and law firms, including Daniel Libeskind, Skanska, Bank of America Merrill Lynch, and Morris Duffy Alonso & Faley.
About Stellar Management
For over 25 years Stellar Management has acquired and improved properties across the country. Founded by Laurence Gluck, Stellar has built its track record on ownership, management, and revitalization of rental housing in metropolitan areas on the East Coast of the United States. Stellar Management is an owner-manager of more than 20,000 apartment homes and two million square feet of office space in New York City, Metro Washington D.C., San Francisco and South Florida. Stellar Management employs approximately 800 people, and has offices and management teams based in New York, Metro DC and San Francisco. Stellar’s principals are Laurence Gluck, Paula Katz and Robert A. Rosania.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 227 offices in 59 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
About Savanna Investment Management
Savanna Investment Management is an institutional real estate investment company that focuses on opportunistic and value-added investment strategies targeting superior risk-adjusted returns. Founded in 1992 in New York City, Savanna has invested across multiple asset classes, investment types, market cycles, and locations.
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Media Contact:
Representing Stellar Management
John Marino
The Marino Organization
212-889-0808
john@themarino.org
