By Monica Paquette AS SEEN IN THE NEW YORK LAW JOURNAL
The global electronics leader has leased the entire 55,000-square-foot, six-story building for a long- term period from 837 Washington Owner LLC, a joint venture of Taconic Investment Partners and Thor Equities LLC. The office and retail property, currently under development, is between West 12th and 13th streets, across from The High Line, a public park built on an elevated rail structure. Construction of the property is expected to be completed later this year. The lease also includes about 7,000 square feet of outdoor space.
David Kriss, a partner at Kriss & Feuerstein, and associate Matthew Klein represented the joint venture. Taconic’s In-house counsel was Andrew Zlotnick, general counsel and executive vice president.
Kenneth Gordon, a partner at Akerman, was outside counsel for Samsung. Samsung’s in-house counsel included Jorge Gracia, senior vice president and general counsel at Samsung Electronics America, and legal counsel Yeowan Youn.
Samsung will pay about $500 per square foot for the ground floor and about $120 per square foot for the other floors, a source told The Wall Street Journal.
The Washington Street location will house the company’s new centralized brand marketing team, including a marketing center for digital, creative and social media programs and an enterprise customer center to serve New York commercial and institutional clients.
Samsung has been involved in advance technology, semiconductors, skyscraper construction, petrochemicals and medicine for more than 70 years, according to its website.
Samsung Electronics North America, based in Ridgefield Park, N.J., is an arm of Korea-based Samsung Electronics Co. Ltd. that markets consumer electronics, information systems, and home appliances. It oversees all of Samsung North America brand management including Samsung Electronics America; Samsung Telecommunications America; and Samsung Electronics Canada.
Since 1997, Taconic Investment Partners has acquired and developed over 12 million square feet of office, mixed-use, and retail space and more than 3,000 residential units in New York City with other projects in Chicago, Washington, D.C., and Atlanta.
Newmark Grubb Knight Frank’s David Falk, president, New York tri-state region; Daniel Levine and Jason Greenstein, senior managing directors, handled the lease for the landlord.
CBRE’s brokerage duo of Craig Reicher, vice chairman, New York tri-state region, and James Ackerson, senior vice president, assisted Samsung on the lease. In addition, CBRE’ Pat O’Keefe, senior vice president, and David Liggitt, vice president, in the data center solutions group in Dallas served the tenant.