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Lease Beat

Designer Leads 10 New Deals in ESRT Portfolio

501 Seventh Avenue.

Empire State Realty Trust has leased over 40,000 square feet of space in three of its Manhattan office buildings to 10 new tenants, the real estate investment trust announced this week.

In the largest of the new deals, P. Devos Designs Inc. signed a 7,628-square-foot lease at 501 Seventh Avenue. The tenant, better known as fashion designer Pamella Roland, was represented by Steven Pressler of Coldwell Banker. The term of the deal was not disclosed. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Power Broker

Down to a Science: John Cahill of Colliers International

John Cahill of Colliers. (Aaron Adler)

As the son of a doctor and a nurse, broker John Cahill may have been predestined to work in the medical field in one form or another. Fresh out of Syracuse University, the New York native first chose pharmaceutical sales as his field of choice.

Initially lacking the required experience, Mr. Cahill spent one year at ADP learning the ropes of a sales role and in the process picking up both his employer’s Rookie of the Year award and an expense-paid trip to Hawaii. Read More

Lease Beat

Urban Compass Signs Lease at RFR’s 90 Fifth Avenue

90 Fifth Avenue.

Tech-driven real estate brokerage Urban Compass has signed a new 25,000-square-foot lease at RFR Realty’s 90 Fifth Avenue, the landlord announced today.

The tenant will occupy space on the third and fourth floors of the building beginning late this year, RFR said in a press release. Urban Compass is currently headquartered at nearby 19 Union Square West and the company is expected to retain its 9,000-square-foot space there, according to The New York Post, which first reported the lease. Read More

Lease Beat

SQN Capital Signs Lease at 100 Wall Street

100 Wall Street.

Alternative fund manager SQN Capital Management has signed a 10-year lease for a 7,293-square-foot portion of the 28th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.

Asking rent for the space was $49 per square foot. The tenant will relocate from its current headquarters at 110 William Street. Read More

Lease Beat

Affinity Health Plan Inks Lease for New Bronx HQ

Metro Center Atrium. (Simone Development)

Affinity Health Plan has signed a new 95,000-square-foot lease at Simone Development’s Metro Center Atrium in the Pelham Bay section of the Bronx, the landlord announced today.

The managed care organization will relocate its headquarters to the mixed-use complex from 2500 Halsey Street. Affinity Health will join a number of other healthcare tenants at Metro Center Atrium, including Montefiore Medical Center, Calvary Hospital, Fresenius Medical Care North America and others. Read More

On the Market

Penthouse Office at 277 Park Ave Hits the Market

277 Park Avenue.

For the first time in half a century, the 50,000-square-foot duplex penthouse office at 277 Park Avenue is available for lease, Commercial Observer has learned.

The space, located on the 49th and 50th floors of the building, has been occupied by Continental Grain Company, which is consolidating operations and moving to the General Motors Building. Asking rent for the space is $125 per square foot and occupancy is expected for the first quarter of next year. Read More

The Sit-Down

David Berley’s Plot Twist

David Berley. (Walter & Samuels)

David Berley has spent over half a century in the real estate business and the bulk of that time has been at the helm of Walter & Samuels. The Brooklyn native pioneered the commercial-to-residential conversion, but with property prices skyrocketing, the septuagenarian has dramatically shifted his strategy and today is closing retail condominium deals at a rapid clip. Read More

Lease Beat

Two New Deals Signed at 105 Madison Avenue

105 Madison Avenue.

Structural engineering firm GACE Consulting Engineers has signed the larger of two new leases at 105 Madison Avenue, Commercial Observer has learned.

The tenant has signed a 14.5-year deal for the entire, 13,350-square-foot sixth floor of the building. The firm will relocate from its current headquarters at 31 West 27th Street between late October and mid-November of this year, according to Paul Davidson of Newmark Grubb Knight Frank, who represented the landlord, A&R Real Estate. Read More

Lease Beat

Jane Street Inks Brookfield Place Lease

250 Vesey Street.

Jane Street Capital has signed a 15-year lease for 114,000 square feet at 250 Vesey Street, sources confirmed with Commercial Observer.

The lease covers a portion of the fourth floor and the entire fifth and sixth floors of the building. The trading firm will relocate to Brookfield Place from One Liberty Plaza, another Brookfield property. Jane Street will pay rent in the mid-$50s per square foot, one source said. Read More

Sales Beat

West Side Development Site Trades for $43M

505-513 West 43rd Street. (PropertyShark)

Elad Group has acquired the 20,030-square-foot vacant lot at 505-513 West 43rd Street from Rhode Island-based Magna Hospitality Group for $43 million, according to city property records. Robert Indeglia, the president and chief executive officer of Magna Hospitality, confirmed the sale in an email to Commercial Observer.

As previously reported, the site hit the market last summer with an asking price of $300 per buildable square foot, or nearly $50 million. Located between 10th and 11th Avenues, the lot can accommodate 160,664 square feet of zoning floor area and 190 residential units. Read More

Sales Beat

Adam America Buys Boerum Hill Lot for $6M

The lot at 390 State Street, (PropertyShark)

Adam America Real Estate has paid $6.05 million, or about $500 per buildable square foot, to acquire the vacant lot at 390 State Street in the Boerum Hill neighborhood of Brooklyn, according to city property records.

The 6,000-square-foot site was sold by private owner Theordore Poulos to 390 State Street Investors LLC, an entity registered to Adam America.  Read More

Sales Beat

LIC Warehouse Sells for $6.5M

37-10 Crescent Street. (PropertyShark)

Eastern Consolidated has arranged the sale of the 18,000-square-foot industrial warehouse at 37-10 Crescent Street in Long Island City, Queens, Commercial Observer has learned.

Ranger Properties partnered with Sagamore Crescent LLC to buy to the property from GMS Seashore Investments LLC for $6.5 million, according to property records. Read More

Sales Beat

Vornado, Crown to Buy St. Regis Retail for $700M

St. Regis. (PropertyShark)

Vornado Realty Trust and Crown Acquisitions have agreed to acquire the retail condominium at the St. Regis hotel and the adjacent retail townhouse for $700 million.

The property, located on the southeast corner of 55th Street, features 100 feet of frontage. The space is leased to Kering’s Gucci division for the Bottega Veneta brand and to LVMH for a De Beers location, according to a press release announcing the deal. The 17,100-square-foot Kering lease expires in January 2016, while LVMH’s 7,600-square-foot deal expires in January 2019. Read More