Lease Beat

Nike Clicks Out of Google Building for New Durst Property

111 Eighth Avenue.

Nike is leaving its Chelsea office owned by Google and heading to a Durst Organization property near Pennsylvania Station, as landlords try luring tenants to the Midtown area.

The athletic wear giant is moving to 855 Avenue of the Americas between West 30th and West 31st Streets in an 11-year lease, according to Crain’s New York Business. Nike will span 147,000 square feet on the third to the sixth floors once the building finishes early next year. Read More

Lease Beat

Deutsch Leaves Google Building, Signs Penn Plaza Lease

330 West 34th Street.

Advertising agency Deutsch has signed a new lease for 74,346 square feet on the 13th and 14th floors at 330 West 34th Street, between Eighth and Ninth Avenues at Penn Plaza, the New York Post reported.

The new lease marks the planned relocation of the New York branch of Donny Deutsch’s bicoastal agency from Google’s building at 111 Eighth Avenue between 15th and 16th Streets, the Post said. Deutsch’s current space is 134,830 square feet spanning the 14th and 15th floors of the building. Read More

The Plan

The BankNote Building


Taconic Investment Partners, the company behind the renovation of Google’s home at 111 Eighth Avenue, has undertaken a $25 million renovation of the BankNote building at 890 Garrison Avenue in the South Bronx. JRT Realty is marketing a newly redesigned 10,710-square-foot space on the fifth floor (a.k.a. the Lafayette Wing ) of the 400,000-square-foot Read More

Cover Story

As Cornell begins to rise on Roosevelt Island, tech industry ponders future

Aerial  rendering of Cornell NYC Tech (source: Kilograph)

Even as the construction process commences on a marquee Roosevelt Island technology project, some tech companies are uncertain about how the industry will fare now that Mayor Michael Bloomberg, a staunch advocate for tech, is out of office. 

As Cornell NYC Tech, the engineering school slated for Roosevelt Island, makes its way through the development process and the city welcomes a new administration, it prompts a question: Will the sustainable applied science and engineering campus—and tech in general—get the same level of attention from Mayor Bill de Blasio as it did from his predecessor, Mr. Bloomberg? Read More

Cover Story

Midtown South: Hitting the Ceiling

51 Astor Place

“I’ll be honest with you,” Gregg Weisser said. “It caught me by surprise.”

Mr. Weisser, the senior vice president and director of commercial real estate at the Moinian Group, was discussing the dramatic rise of Midtown South as a real estate, tech, media and fashion powerhouse. But he likens the fast-paced big-city success story to a leisurely drive upstate.  Read More

Lease Beat

Beth Israel Inks 98,913-SF Extension at 111 Eighth Avenue

111 Eighth Avenue

Beth Israel Medical Center signed a 15-year, 98,913-square-foot lease extension at 111 Eighth Avenue, the 2.9-million-square-foot Chelsea building owned by Google.

Robert Martin and Barbara Winter of Jones Lang LaSalle represented the tenant. Google was represented by Matthew Weir of Taconic Investment Partners along with Kenneth Rapp, David Hollander and Doug Lehman of CBRERead More

Sales Beat

GM Building Stake Sold to International Buyers


A 40-percent stake in the General Motors Building has been acquired by the family of Chinese real estate developer Zhang Xin, through The Sungate Trust, and M. Safra and Co. Inc., the investment firm of the Brazilian Safra family, from the Goldman Sachs Real Estate Opportunities Fund and Meraas Capital. According to reports, the stake sold for $1.4 billion, valuing the property at $3.4 billion.

“This landmark sale signals a return to the billion-dollar plus level for an individual investment transaction and is recognition of the value for elite trophy assets by the most sophisticated global investors,” said Darcy Stacom, of CBRE, who brokered the sale alongside colleague Bill Shanahan, in a prepared statement. “This sale underscores both the GM Building’s universal appeal as one of the world’s most important commercial assets and New York City’s un-diminished value, as the premier location for trophy investment properties.” Read More

Sales Beat

Carlyle Agrees to Sell 650 Madison Avenue in $1.3 Billion Deal


The Carlyle Group has agreed to sell the 27-story office and retail tower at 650 Madison Avenue to Crown Acquisitions and Highgate for $1.3 billion.

“We are delighted to reach this agreement with Crown and Highgate, two of the smartest real estate owners around, on the sale of 650 Madison Avenue,” said Robert Stuckey, Carlyle managing director and head of U.S. real estate, in a prepared statement. “This is a great outcome for our investors and validates our opportunistic approach. Read More


Power 100 Heat Map


From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.

Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.

Below, a sampling of where power thrives in New York City in 2013. Read More


Which Way is Up: Manhattan’s Market Boundaries are Beginning to Blur


From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.

But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.

Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line. Read More

Midtown South

Midtown South: What a Difference a Decade Makes

Angelo & Maxie's at 233 Park Avenue South

A decade ago, a walk down Fifth Avenue near 17th Street would have included a stop at advertising firm Geer DuBois, and a walk farther north on Park Avenue South would have culminated in a visit to Angelo & Maxie’s Steakhouse.

Both were pioneering tenants, willing to take a chance on the less desirable precincts of Midtown South—and both are gone. Read More