Wells Fargo lent $31 million to New York-based Garrison Investment Group to help fund the acquisition of a California outlet center, sources familiar with the transaction told Mortgage Observer. The center had been in special servicing since 2009.
Garrison acquired the 55-store center, Tulare Outlet Center at 1407 Retherford Street in Tulare, Calif., from CMBS special servicer C-III Asset Management this month for an undisclosed price. Read More
Fine Minerals International will open its first store, Mardani, at 766 Madison Avenue between East 65th and East 66th Streets, Commercial Observer has learned.
On Oct. 8, the mineral dealing company signed an 8.6-year lease for 1,200 square feet at the five-floor property. The asking rent was $1,500 per square foot. Read More
The city would grant a 99-year lease to affordable developer SKA Marin for $100,000 per year in order to build a 202-unit supportive housing complex if lawmakers at the City Council approve the long-term deal.
The city’s Health and Hospitals Corporation would award the developers the rights to renovate an unused former nurses’ dorm called Draper Hall in East Harlem at 1918 First Avenue and expand the 114,463-square-foot structure by 13 floors under a proposed agreement the agency has circulated to state agencies and submitted to the Council for approval. Read More
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Andiamo Partners, a technology staffing and consulting firm, will be moving its headquarters from Lower Manhattan to 17 State Street near Battery Park, Commercial Observer has learned.
The company signed a 10-year lease for 6,668 square feet on the eighth floor of the 42-story tower. The asking rent was $60 per square foot, according to a Savills Studley representative. Read More
Quinn, a lifestyle public relations agency with clients including Jamestown Properties, Brodsky Organization and Time Equities‘ 50 West Street, is moving its offices to 10,000 square feet within the Garment District come Dec. 1, Commercial Observer has learned.
The company signed a lease for 10 years and seven months spanning the entire 12th floor at Bonafide Estate‘s 48 West 38th Street between Fifth Avenue and Avenue of the Americas, according to Greg McGunagle, a senior vice president at Quinn. The asking rent was $42 per square foot. Read More
Los Angeles-based fashion promoter Place Showroom will expand at the start of next year by 1,800 square feet at Savitt Partners‘ 530 Seventh Avenue, Commercial Observer has learned.
The company that uses its showroom to connect emerging brands and designers with buyers signed a renewal and expansion on the 22nd floor of the Garment District property, grabbing an additional unit on the same floor of its current location to grow to 5,200 square feet, Savitt officials said. Space in the high-rise portion of the building, which now features the Skylark cocktail lounge on the top floors, commands an asking rent in the mid-$60s per square foot, the officials said. Read More
Vornado Realty Trust is buying the Center Building, an eight-story, 437,00-square-foot office building in Long Island City, Queens, from Madison Marquette in partnership with Perella Weinberg Partners, Vornado announced today.
The building, at 33-00 Northern Boulevard, is 98 percent leased, the firm noted. Read More
Who was the other guy with a full mustache who really liked to “High Five!!” everybody? Read More
Toy designer Animal Adventure will start selling its wares out of a new showroom and office in December on the ninth floor of the Sioni Group‘s 65 West 36th Street, Commercial Observer has learned.
The toy company that supplies retailers like Target and Toys “R” Us will relocate from its current space roughly two blocks south at 112 West 34th Street into the new 1,974-square-foot assemblage elsewhere in the Garment District, officials with the Kaufman Organization said. The new location commanded an asking rent in the mid-$40s per square foot, the Kaufman officials said. Read More
Bank of America, Morgan Stanley, Goldman Sachs Mortgage Company and The Bank of Nova Scotia are providing a $1.25 billion mortgage to Toronto-based Hudson’s Bay Company to refinance the ground below its Saks Fifth Avenue building at 611 Fifth Avenue, according to a release from the borrower.
The lenders appraised the landmark building at about $3.7 billion, based on the assumption that the entire property is net leased at an estimated fair-market rent by the luxury retailer. HBC acquired the Saks retail chain, including its 650,000-square-foot flagship store in Midtown, last year for $2.9 billion. Read More
Starbucks Coffee has re-signed a 3,425-square-foot lease on Columbus Avenue and West 86th Street, Commercial Observer has learned.
The coffee chain took a 10-year renewal with a one- to five-year option for its 2,425 square feet on the ground floor and 1,000 square feet in the basement at 540 Columbus Avenue. Read More
Global retailers Nike and Forever 21 will open new stores in the spring of 2015 at the Shops at SkyView Center in Flushing, Queens, Onex Real Estate Partners announced last week.
The two well-known brands inked 10-year leases at SkyView, officials at Onex said, with Nike grabbing a 15,000-square-foot space on level D and Forever 21 booking a 10,093-square-foot space on level B of the 700,000-square foot shopping center at 40-24 College Point Boulevard. Read More
After four years, the future of the Kardashian sisters’ designer boutique Dash at 119 Spring Street in Soho is up in the air.
The co-op unit that Kourtney, Kim and Kloe Kardashian lease on a month-to-month basis for Dash has hit the market for lease at $1.4 million per year, according to one of the listing brokers, Douglas Elliman‘s Adam Kramer. Read More
Jay Suites, a shared-office space provider capitalizing on the communal space craze, has signed a lease at 315 Madison Avenue, a property owned by the Abramson Brothers between East 41st and East 42nd Streets.
A week ago today, natural and organic foods grocery chain Whole Foods Market redid its lease, enlarging its footprint to 42,996 square feet, at a Bryant Park-area office tower, Commercial Observer has learned.
While Whole Foods signed a three-floor lease at the 42-story office building 1095 Avenue of the Americas about a year ago, last Friday’s hard contract added 6,000 square feet to the deal through a space reconfiguration, according to people with intimate knowledge of the deal. Read More