Lauren Elkies Schram

Lease Beat

Law Firm Renews, Cuts Space in East Midtown

919 Third Avenue.

In keeping with the trend of law firms trimming their office spaces, national law firm Schulte Roth & Zabel is renewing its Midtown East lease while cutting back the size of the headquarters.

The 45-year-old firm has signed a 15-year lease renewal for 283,894 square feet at SL Green Realty‘s 919 Third Avenue, representing a 45 percent reduction in space for the financial industry-focused firm, as Crain’s New York Business first reported.  Read More

Lease Beat

MUFG Union Bank Takes 200K SF at McGraw-Hill Building

1221 Avenue of the Americas.

MUFG Union Bank has signed a lease for 209,700 square feet on the bottom three floors of the McGraw-Hill Building in one of the year’s largest new leases, The New York Post reported.

The Mitsubishi UFJ Financial Group subsidiary is consolidating several Manhattan offices at the Rockefeller Group’s building, at 1221 Avenue of the Americas between West 48th and West 49th Streets. MUFG Union Bank also has office space at 1251 Avenue of the Americas. Read More

Lease Beat

Online Menswear Clothing Company Lands in Midtown [Update]

Rendering of 455 Madison Avenue, at left. (Neoscape)

A high-end men’s online clothing and personal styling company is opening its first New York storefront showroom, and the Chicago-based company has chosen East Midtown for the new digs.

Trunk Club, which has showrooms in other cities, has leased 26,190 square feet over six floors, comprising the entire north building of the Villard Houses at 457 Madison Avenue between 50th and 51st Streets. The mansion’s courtyard leads to the entrance to The New York Palace hotel, and the south building is home to a restaurant and hotel amenities.  Read More

Lease Beat

Asset Mangement Firm Expands, Relocates Within 444 Madison

444 Madison Avenue.

Houston, Texas-based Salient Partners is expanding and relocating its New York office within the same building where it already has space, Commercial Observer has learned.

The asset management firm last week signed a 10-year direct lease for 4,512 square feet of prebuilt space on the 22nd floor of the former Newsweek Building at 444 Madison Avenue, according to a spokesman for Avison Young. The company, which has over $22 billion under management, has been a subtenant in the 42-story building, which is between East 49th and East 50th Streets, occupying about half the amount of space. The asking rent in the building was $82 per foot. Read More

Sales Beat

Thor Nabs W’burg Properties for Retail Project

Rendering of 130 North 6th Street. (Thor Equities' website)

Joseph Sitt’s Thor Equities has purchased three Williamsburg properties for approximately $17.8 million and is planning to turn the site into a 10,000-square-foot retail development.

Thor paid $14 million for 124 North 6th Street and $3.75 million for 126 and 134 North 6th Street, all between Bedford Avenue and Berry Street, property records recorded last Thursday indicate. The two sales closed on Aug. 25.  Read More

Lease Beat

End Point, Pixel Projects Partner in Park Avenue South Lease

304 Park Avenue South.

End Point Corp. and Pixel Projects have together signed a five-year, 2,755-square-foot lease at 304 Park Avenue South for executive offices, Commercial Observer has learned.

The asking rent in the 12-story SL Green Realty building on the corner of 23rd Street was $65 per square foot, according to a spokeswoman for ABS Partners. End Point, the leading provider of Google’s Liquid Galaxy open source project, and Pixel Projects, which provides AV installations, are slated to move in to their new digs on the second floor tomorrow. The lease was signed on Sept. 30. Read More

Lease Beat

Lend Lease Takes 12K SF in Midtown for Specific Project

3 East 54th Street.

Lend Lease, a provider of construction services, has signed a five-year lease for 12,000 square feet of additional space in Midtown, Commercial Observer has learned.

Come December, the firm will occupy the majority of the third floor at 3 East 54th Street. The 200,000-square-foot building, which is between Madison and Fifth Avenues, was selected for its proximity to one of Lend Lease’s nearby projects, said Marc Horowitz of Cohen Brothers Realty, who represented the building’s ownership in-house. He declined to elaborate.  Read More

Lease Beat

Security Company Nabs 77K-SF Lease in Meatpacking

A rendering of  430 West 15th Street. (Atlas Capital Group's website)

Palo Alto, Calif.-based Palantir Technologies has signed a 15-year sublease for 77,293 square feet at 430 West 15th StreetThe New York Post reported. The computer security company deal includes two five-year options. Asking rents ranged from $90 to $110 per square foot.

Earlier this year, Atlas Capital and Rockpoint net-leased the 99,558-square-foot, eight-story garage between Ninth and 10th Avenues. Read More

The Plan

The Plan: 140 William Street

Dancers in the window at 140 William Street.

At the start of the current school year last month, Pace University unveiled the second phase of its renovation project at Pace Performing Arts’ home at 140 William Street.

Plans included the conversion of the seventh floor and penthouse into a design studio, sound studio, mechanical and electrical equipment rooms and a rooftop terrace for special events. Read More

Lease Woes

Fairway Shopping Around Manhattan Lease

fairway logo

Fairway supermarket chain may have gained attention for its expansion tear and accolades as a specialty retailer, but the company is looking to bail on at least one of its leases in Manhattan, according to sources with knowledge of the situation.

The lease in question is at Jack Resnick & Sons255 Greenwich Street in the Financial District with other Fairway lease transactions possibly facing the same fate. Read More

Lease Beat

Restoration Hardware Heads to Meatpacking District in Apparent Relocation

9-19 Ninth Avenue.

Restoration Hardware will be taking over the old Pastis building at 9-19 Ninth Avenue, The Wall Street Journal reported. And Commercial Observer has learned that the deal represents an apparent relocation for the high-end home furnishings company from its Flatiron District digs.

Restoration Hardware has signed a 15-year lease for the building, and will be paying $250 million over the course of the term, the Journal reported. The lease is for 70,000 square feet. The existing building is 30,000 square feet (15,000 on the ground floor and 15,000 on the second floor). The owners, Aurora Capital Associates and William Gottlieb Real Estate, will be adding a 15,000-square-foot lower level and 25,000 square feet spread over the third, fourth and fifth floors, a source with knowledge of the deal told Commercial Observer. Plans call for a wraparound terrace on the third floor and a large outdoor space on the fifth floor.  Read More

Lease Beat

Logistics Company Consolidates on West 36th Street

34 West 36th Street.

Dynamex, a same-day transportation and logistics services company last week signed a triple-net 10-year lease for six floors at 34 West 36th Street, Commercial Observer has learned.

The tenant, which is a subsidiary of TransForce, will combine its two New York City offices—one on Morton Street and another on 39th Street—at the West 36th Street building.  Read More

Charitable Causes

Slideshow: Real Estate Execs Sleep on the Street for Charity

9 Photos

Real Estate Executive Sleep Out co-chairs Arvind Chary, a managing principal at Atlas Real Estate Partners, left, and Matt Schmeelk, a senior executive vice president at Kensington Vanguard National Land Services. (Andrew Kelly)

Roughly 100 real estate executives (plus these reporters) braved the elements and slept on 41st Street and 10th Avenue last night to raise awareness and money for Covenant House, a homeless shelter and comprehensive service provider for youths.

The event, the first Real Estate Executive Sleep Out at Covenant House, was organized by co-chairs Matt Schmeelk, a senior executive vice president at Kensington Vanguard National Land Services, and Arvind Chary, a managing principal at Atlas Real Estate Partners.

“[The kids who live at Covenant House] are really appreciative and grateful that people are aware of their situation and are doing it in a way that is raising awareness, and I think signaling to [them] that they’re not alone,” Creighton Drury, Covenant House’s executive director, told Commercial Observer at the start of the event. Read More