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In the Market

Google Eyes More NYC Space

Renderings of 450 West 33rd Street

Internet giant Google is in the market for up to 600,000 square feet of office space in Manhattan—enough to hold more than 3,000 employees, The Wall Street Journal reported.

Google could potentially expand to 450 West 33rd Street or St. John’s Terminal at 550 Washington Street, according to sources cited by the Journal. Brookfield’s 450 West 33rd Street boasts floor plates of 100,000 square feet and is being renovated to the tune of $200 million. Read More

Assignments

C&W Wins Citigroup Assignment

388-390 Greenwich Street.

Citigroup has hired Cushman & Wakefield to manage its real estate portfolio in the U.S. and Canada, according to The Wall Street Journal.

The real estate services company will assume responsibility for the investment bank’s 27 million square feet of office, retail and data space from JLL, which chose not to bid on the contract when it came up for renewal, the Journal reported. The assignment includes Citigroup’s headquarters at 388-390 Greenwich Street in Tribeca, which is triple-net leased to the bank through 2035. Read More

Lease Beat

Fabric Supply Company Trades Long Island for Midtown South

381 Park Avenue South.

Source 360, a supplier of industrial and home furnishings fabrics, has signed a 10-year lease for a 2,407-square-foot portion of the 13th floor at ATCO Properties381 Park Avenue South, Commercial Observer has learned. Asking rent for the space was $55 per square foot.

The tenant, an affiliate of Next Fabrics, is expected to relocate from its Port Washington headquarters on Long Island this summer. Read More

Relocation

Morrison & Foerster Moving in at 250 West 55th Street

250 West 55th Street. (Credit: Boston Properties)

Morrison & Foerster will be the first tenant to move in at 250 West 55th Street, according to an email to clients viewed by Commercial Observer. The law firm will officially relocate from 1290 Avenue of the Americas on Monday.

The move comes nearly three years after Morrison & Foerster first signed a lease at Boston Properties’ new tower. The firm’s initial 15-year commitment for 180,000 square feet of space on the 17th through 23rd floors allowed the developer to proceed with construction of the tower, which had been delayed during the recession. Approximately a year later, Morrison & Foerster signed a lease for an additional floor at the building. Read More

Lease Beat

Winton Capital Signs Lease at the Seagram Building

375 Park Avenue.

Winton Capital, a U.K.-based investment management firm, has signed a 4,100-square-foot lease at the RFR Realty-owned Seagram Building at 375 Park Avenue, Commercial Observer has learned. The tenant will take pre-built space on the 36th floor of the Plaza District property.

Headquartered in London, Winton Capital was founded by David Harding in 1997 and boasts approximately $24 billion in assets under management. The Wall Street Journal first reported the fund’s plans to open a New York office earlier this year.  Read More

Lease Beat

Renewable Energy Markets Firm Inks 675 Third Avenue Lease

675 Third Avenue. (Credit: PropertyShark.)

Karbone, a renewable energy and environmental markets firm, has signed a lease for a 4,351-square-foot portion of 30th floor at the Durst Organization’s 675 Third Avenue, Commercial Observer has learned. Asking rent for the pre-built space was $60 per square foot.

The tenant is currently headquartered at 130 West 42nd Street and will relocate next month.  Karbone, which operates an additional office in London, provides brokerage, capital advisory and research services for new energy asset classes, including carbon credits, emission permits and clean fuels. Read More

Feature

The Tide is High: Jamaica, Queens Could Become a Destination in its Own Right

Sutphin Boulevard, Jamaica, Queens

Ask the average New Yorker about Jamaica, Queens and you’ll likely hear an answer about its rail station or proximity to J.F.K. airport. Despite the development boom occurring west of the neighborhood in Astoria and Long Island City, Jamaica continues to feature more prominently in the minds of many city residents as a stopover en route to more glamorous locations.

But since the neighborhood was rezoned, local stakeholders have become increasingly optimistic that the perception of Jamaica as a gritty transit and discount shopping hub can change.

“We see the downtown [area] as a regional center of many activities that if concentrated here would have a high public purpose,” said Carlisle Towery, the president of the Greater Jamaica Development Corporation, the area’s economic development entity. Read More

Sales Beat

HAP Investments to Buy East Harlem Site

2211 Third Avenue. (Credit: PropertyShark)

HAP Investments is in contract to acquire a development site at 2211 Third Avenue in East Harlem for $13 million, Commercial Observer has learned.

The buyer intends to develop the 17,500-square-foot site into a 120,000-square-foot mixed-use project, according to a press release announcing the deal. The development will consist of 78,000 square feet of luxury rental residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community space. Read More

The Lobby

Ron Solarz Returns to Eastern Consolidated

Ron Solarz

Investment sales broker Ron Solarz has rejoined Eastern Consolidated as an executive managing director and principal, Commercial Observer has learned. The industry veteran spent close to 17 years at Eastern Consolidated before joining Brookfield Financial in 2011.

“I’m sure I’m going to hit the ground running and it’s going to be a good experience because it’s comfortable,” said Mr. Solarz, who starts work at Eastern Consolidated today. Read More

Lease Beat

Novus Partners Signs 200 Park Avenue Sublease

Met Life Building. (Credit: Tishman Speyer)

Novus Partners has signed a sublease from British bank Barclays at the MetLife Building at 200 Park Avenue, Commercial Observer has learned.

The financial data analytics business signed a short-term deal for an 18,375-square-foot portion of the 27th floor. The company will relocate from 130 East 59th Street on a deal through May 2017.  Read More

Grand Openings

Brownstoner’s Crown Heights Development to Open Tomorrow

1000 Dean Street.

The Crown Heights commercial development spearheaded by Brownstoner’s Jonathan Butler will officially open tomorrow, Commercial Observer has learned. The 140,000-square-foot building at 1000 Dean Street, a former Studebaker service station, recently received a temporary certificate of occupancy from the New York City Department of Buildings.

The property will welcome its first 24 tenants over the next two to three weeks, according to Chris Havens, the head of the commercial division at aptsandlofts.com, who handles leasing at the property. A ribbon cutting will be scheduled for a later date. Read More

Lease Beat

Lebenthal Wealth Advisors Inks Helmsley Building Sublease

230 Park Avenue.

Lebenthal Wealth Advisors has signed a six-year, 43,295-square-foot sublease from HSH Nordbank at the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.

The subtenant will sublease the 31st and 32nd floors of the building while HSH Nordbank consolidates and relocates to the 34th floor. The sublandlord, a northern European commercial bank headquartered in Hamburg, Germany, operates its capital markets, shipping and restructuring business units in New York. Read More

Lease Beat

Fashion Designer Takes Space at 501 Madison Avenue

501 Madison Avenue

Designer Randi Rahm, who has designed dresses for the likes of Beyonce and Carrie Underwood, has signed a 10-year lease for a 6,433-square-foot office and showroom space on the eighth floor of 501 Madison Avenue, Commercial Observer has learned.

The tenant is expected to relocate to the Plaza District property, where asking rents range from $60 to more than $80 per square foot, in June. The landlord, KRW Realty Advisors, assumed responsibility for the build-out of the space. Read More