Forbes – In a deal that neatly encapsulates the last several years of real-estate history and points to some of the trends shaping today’s leasing market in the New York area, Citco Funding Service has agreed to a 15-year, 70,000-square-foot lease at Harborside Plaza 10 on the Jersey City waterfront.
Valued at $23 million over its 15-year lifespan, the lease allows Citco, which bills itself as the world’s leading hedge fund administrator, to expand from its midtown Manhattan headquarters, where it says it will also remain over the nine years left on its lease, into far less expensive space across the river. Managing Director Jay Peller, who says there are approximately 300 employees at the Madison Ave. office, envisions adding another 200 staffers when Citco moves in this June.
