November 15, 2012 at 13:59 PM EST
Aon decamps to midtown Manhattan
The parade of tenants relocating to midtown after a powerful storm knocked out several large office towers in lower Manhattan continues. Insurance firm Aon has sublet 112,000 square feet at 299 Park Ave., between East 48th and East 49th streets, from the investment company Cerberus Capital Management. Aon will take four full floors in the deal, the 14th, 21st, 22nd and 23rd floors, a source said, adding that the taking rent for the space was in the $50-per-square-foot range. The company has the option to remain in the space for a few months or stay longer, if necessary. Aon has its headquarters at 199 Water St., a building located on a corridor in lower Manhattan where several properties were disabled by flooding during Hurricane Sandy. 77 Water St. and 55 Water St., for instance, continue to remain out of operation due to damage from the storm. Aon was represented by John Nugent, a broker at CBRE Group Inc., while David Falk, Newmark Grubb Knight Frank's New York area president, handled the disposition of the space for Cerberus. The company is one of several that have had to take temporary space in order to operate while their home offices remain devastated. Last week law firm Fried Frank expanded at the Seagram's Building by 30,000 square feet to move staff from 1 New York Plaza, another stricken building. Stroock & Stroock & Lavan also took space to move to 601 Lexington Ave. from 180 Maiden Lane. Fragomen, another law firm, just subleased 62,000 square feet from the German financial institution Commerzbank at 1301 Sixth Ave.
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