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Lease Beat

Berkley Insurance Expands at 757 Third Avenue

757 Third Avenue.

Berkley Insurance Company has expanded its presence at RFR Realty’s 757 Third Avenue by 5,080 square feet, Commercial Observer has learned.

The tenant, a principal reinsurance subsidiary of the W.R. Berkley insurance firm, now occupies a total of 42,533 square feet on the 10th and 11th floors of the building. Previously, the company had consolidated its Midtown and Downtown offices into 37,452 square feet at 757 Third Avenue. Read More

Cover Story

Start Me Up: Young Tech Companies on Real Estate

Berlin Startup Tour

In an independent survey conducted earlier this year, approximately 50 New York start-ups in varying stages of funding were asked how important they considered real estate.  Of the respondents, none labeled real estate “very important” while only five considered real estate “important.”

The vast majority—36 respondents—considered it “not important” and eight admitted to never having thought about real estate at all. Read More

Lease Beat

SL Green Signs 17 Deals at the Graybar Building

Graybar Building.

SL Green has signed 17 leases totaling over 86,000 square feet at its 420 Lexington Avenue property in recent weeks, according to The New York Post. The tower, also known as the Graybar Building, is now 95 percent leased.

Leading the way was a 19,682-square-foot expansion for Pride Technologies LLC and Pride Global Finance, the Post reported. Pride Global, a private equity holding company, operates Pride Technologies, an information technology company. Read More

Sales Beat

RBS Sells 627 Greenwich Street to Criterion for $75M

627 Greenwich Street. (PropertyShark)

The Royal Bank of Scotland has sold 627 Greenwich Street in Greenwich Village to Criterion Real Estate Capital for $75 million, according to public records filed with the city Monday afternoon.

Chuck Rosenzweig, a managing partner Criterion Real Estate Capital, signed the purchase agreement, which is dated March 25, under an LLC, LG Acquisitions I. Steve Cho, a managing director with RBS Real Estate Finance in Chicago, signed off on the deal for the seller, listed as 627 Acquisition Company, LLC. A source familiar with the deal confirmed Criterion as the buyer. Read More

Lease Beat

Datagram Adds Office at Intergate.Manhattan

375 Pearl Street.

Internet hosting provider Datagram has added a 5,200-square-foot “mission-critical” office space at Intergate.Manhattan at 375 Pearl Street, landlord Sabey Data Centers announced today.

Datagram, an existing data center tenant in at the facility, is the first office tenant at Intergate.Manhattan. The tenant signed the lease in January and is expected to occupy the new space beginning in July. Read More

Sales Beat

Tribeca Mixed-Use Building Sells for $8.5M

90 Chambers Street. (PropertyShark)

Claude Castro LLC has acquired 90 Chambers Street in Tribeca from 90 Chambers Street Realty LLC for $8.5 million, Commercial Observer has learned. The building traded for $1.25 million less than its initial asking price in a 1031 exchange.

The property is located between Broadway and Church Street and includes five free market residential units and a ground-level retail unit. One of the building’s four-bedroom apartments last rented for $7,795 last year, according to StreetEasy. The building’s retail unit, which was occupied by Jerry’s Cafe until last September, is currently vacant. Read More

Lease Beat

Three New Retail Deals at Brookfield Place

An interior rendering of the retail space slated for Brookfield Place.

J. Crew, Paul Smith and Posman Books have all signed leases at Brookfield Place, leaving the retail portion of the renovated property about 85 percent leased, The Wall Street Journal reported.

Posman Books will open its fourth location in a 2,000-square-foot space at the development. The bookseller also operates shops in Grand Central Terminal, Chelsea Market and Rockefeller Center. J. Crew is expected to open a 6,859-square-foot store, while English designer Paul Smith’s location will be approximately 2,555 square feet. Read More

Sales Beat

Delshah Offloads 163 West 80th Street to Chinese Investors for $7.65M

163 West 80th Street (Delshah Capital)

Michael Shah’s Delshah Capital has sold 163 West 80th Street to Yu Far Realty, a group of Chinese investors, for $7.65 million, the company announced today.

The seller acquired the five-story property in 2008 and converted the building’s existing ten residential units to five full-floor residences. A 1,400-square-foot penthouse unit in the building was listed for rent in February for $7,500 per month, according to StreetEasy. Read More

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