Mortgage Observer

Wells Fargo Finances Calif. Outlet Center Buy Out of Special Servicing

Tulare Outlet Center.

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

Land Use

City to Lease Site to Affordable Developer for $100K Per Year

1918 First Avenue

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

Lease Beat

TAMI Tenant Andiamo Partners Moves to State Street

The property at 17 State Street.

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

Lease Beat

Lifestyle PR Firm Moving to 48 West 38th Street [Updated]

48 West 38th Street.

Quinn, a lifestyle public relations agency with clients including Jamestown Properties, Brodsky Organization and Time Equities50 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

Lease Beat

Fashion Showroom to Add Space in Garment District

530 Seventh Avenue

Los Angeles-based fashion promoter Place Showroom will expand at the start of next year by 1,800 square feet at Savitt Partners530 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

Lease Beat

Toy Designer to Move Within Garment District

65 West 36th Street

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 StreetCommercial 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

Mortgage Observer

Hudson’s Bay to Refinance Saks Fifth Avenue Land With $1.25B Loan

The Saks Fifth Avenue building.

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

Lease Beat

Starbucks Renews UWS Lease

540 Columbus Avenue.

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

Lease Beat

Nike and Forever 21 to Open Flushing Locations at SkyView

The Shops at SkyView Center

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

On the Market

Kardashians’ Dash Boutique Dashing Out of Soho?

119 Spring Street.

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

Lease Beat

Jay Suites Signs Seventh Manhattan Space in Grand Central Area

315 Madison Avenue.

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.

First reported by The Real Deal, the company signed a lease on Tuesday for 18,000 square feet on the building’s third and fourth floors. Jay Suites plans to move into the space Feb. 1. Read More

Lease Beat

Whole Foods’ Bryant Park-Area Lease Revised, Enlarged

1095 Avenue of the Americas.

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