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Lease Beat

Main Street Hub Signs Lease at 1407 Broadway

1407 Broadway.

Austin, Texas-based marketing platform developer Main Street Hub has signed a long-term lease for the entire 13,700-square-foot 26th floor of The Lightstone Group’s 1407 Broadway, Commercial Observer has learned.

The landlord is currently renovating the building and has been actively courting tech and media tenants. As previously reported, Techstars, a startup accelerator, signed a lease for the entire 24th floor at 1407 Broadway earlier this year. Read More

Lease Beat

Life Insurance Company Renews Early at 460 West 34th Street

460 West 34th Street.

SBLI USA Mutual Life Insurance Company has signed an eight-year renewal for the entire 33,000-square-foot eighth floor of 460 West 34th Street, Commercial Observer has learned. Asking rent for the space was in the mid-$40s per square foot.

The tenant, formerly known as the Savings Bank Life Insurance Fund, has occupied space in the building since 1987. As previously reported, the New York-based insurance provider had signed a five-year renewal at the building as recently as 2012. Read More

Power Broker

Mega Millions: Sam Sidhu of Megalith Capital Management

Sam Sidhu. (Sasha Maslov)

Deep in the midst of the market downturn, Samvir Sidhu, a veteran of Goldman Sachs and Providence Equity, was thinking about where he could capitalize once the market inevitably turned. Examining real estate, the native Pennsylvanian identified the residential and multifamily sectors as areas of opportunity.

With his strategy in mind, Mr. Sidhu, who goes by Sam, began raising money from family offices and other high-net-worth investors for a real estate investment fund shortly after leaving Providence Equity. In 2009, Megalith Capital Management was born. Read More

Lease Beat

Alcoa Renews Lever House Lease

Lever House.

Alcoa has signed a renewal for its 21,452-square-foot space at RFR Realty’s Lever House at 390 Park Avenue, Commercial Observer has learned.

The global lightweight metals engineering and manufacturing company occupies the entire seventh and eighth floors of the building. The term of the lease was not disclosed. Read More

REIT Beat

New York REIT Begins Trading

Worldwide Plaza

New York REIT, the real estate investment trust formerly known as American Realty Capital New York Recovery REIT, made its debut on the New York Stock Exchange yesterday under the symbol NYRT. Shares in the REIT began trading at $10.70 and closed at $10.75, rising late in the trading day.

“NYRT’s successful listing on the NYSE marks another important milestone for the Company and provides it more efficient access to the capital markets which will help drive its future growth, while also creating a liquidity opportunity for our shareholders,” said Nicholas Schorsch, the chairman and chief executive of NYRT, in a prepared statement released prior to yesterday’s trading session. Read More

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