274,000-SQ.-FT. Court Square Place in Long Island City, Queens, Achieves 100% Occupancy
Milestone Represents Strengthening of Long Island City's Business District
Court Square Place
LONG ISLAND CITY, N.Y., May 6, 2008 Court Square Place in Long Island City, Queens, is 100 percent leased, announced Jodi Pulice, founder and president of JRT Realty Group, Inc., the exclusive leasing agent and property manager. The 274,000-square-foot Class-A office building, completed 16 months ago, has recorded significant activity by attracting additional tenants, the majority of whom previously occupied space in Midtown Manhattan.
As a result, more than 1,000 employees will be working at Court Square Place.
"The Long Island City submarket has experienced a surge in newly developed Class-A office product in the past year. Long Island City, Queens, is clearly gaining momentum because of its location within city limits, affordable alternative to soaring Midtown office rents and financial incentives being offered by the city," explained Pulice.
The leasing team, which includes JRT's Greg Smith, executive vice president, and James Clifford, associate, as well as John Peters of Cushman & Wakefield, JRT's strategic alliance partner, negotiated agreements for a total of more than 125,000 square feet during the past 14 months.
The latest lease, signed in April for 15,380 square feet by Collins Building Services, Inc., brought Court Square Place to full occupancy. A leading provider of commercial building maintenance services, the company will establish its operations on the 15th floor, featuring wide-column spacing and floor-to-ceiling windows overlooking the East River, Manhattan skyline and 59th Street Bridge.
Located at 24-01 44th Rd., the 17-story property was designed by HLW International, LLP, and constructed by Tishman Construction Corporation. The building owner and developer, United Nations Federal Credit Union, originally acquired the property in 2004 in a transaction negotiated by JRT.
UNFCU occupies the first seven floors of the building. Other tenants include Nespresso USA, Inc., a division of Nestlé Nespresso SA Company; and Transit Technologies, LLC, E.A. Technologies, Inc.
"Court Square Place has stood out and clearly emerged as an iconic, modern office building on the Long Island City skyline. Its distinct appeal, outstanding access and magnificent views have become recognized among users in an array of industries," said Smith, who also noted tenants have been drawn to the building's opportunities for full-floor occupancy.
The tower features polished granite walls and a two-story wood, stone and glass lobby with amenities ranging from a 175-seat cafeteria and Starbucks to high-tech office space with key-card access and optical turnstile security systems. "In this current economic climate, tenants are carefully assessing their commercial space options in terms of dollar value, design and amenities and presence within or in close proximity to Midtown," noted Smith. "As a result, Long Island City has emerged as New York City's newest business district accessible via a five-minute train ride to Manhattan."
"United Nations Federal Credit Union is proud of its association with JRT Realty Group, a nationally recognized best-in-class commercial real estate services provider. JRT is integral to helping us serve the people who serve the world," said Michael J. Connery Jr., UNFCU president and chief executive officer.
