Prospective Tenants

First Look Media Negotiating Space at L&L’s 114 Fifth Avenue

114 Fifth Avenue

New online news venture First Look Media is negotiating a full-floor lease at L&L Holdings‘ redeveloped office tower 114 Fifth AvenueCommercial Observer has learned from someone with knowledge of the deal. The floors are just shy of 20,000 square feet.

In the interim, the news start-up, which was financed with $50 million by the eBay founder and billionaire Pierre Omidyar, will be subletting a floor (which are about 11,000 square feet each) at 162 Fifth Avenue between 18th and 19th Streets that was leased by major Hollywood talent agency, CAA. CAA has relocated to the Chrysler Building, as Commercial Observer previously reported. Read More

Midtown South

Midtown South’s Rising Stars

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Walk north on Broadway from Madison Square Park, and it’s hard to fathom that some of the highest retail rents in the city are paid just a few blocks away. Generic retailers with names like Fashion City, Master Clothing and Lucky Trading are more reminiscent of the Garment District to the north and Canal Street to the south than they are of big names on Fifth Avenue.

In the office space above those retailers, multiple tenants crowd single floors. It’s a far cry from the soaring ceilings and open layouts most commonly associated with tech-heavy Midtown South. Still, it’s a landlord’s market, and the buildings along the Broadway corridor are 95 percent leased and command rent in excess of $50 per square foot. Read More

The Sit-Down

No Holding Back: Robert Lapidus

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Robert Lapidus remembers Midtown South vividly. Not the red hot Midtown South of today, but the Midtown South from nearly a decade and a half ago, when his firm, L&L Holding Company, bought 150 Fifth Avenue. Rents in the building were $26 per square foot, the property was operating “like a hotel,” and the submarket Read More

Lease Beat

Mashable Relocating to 114 Fifth Avenue

(Image via PropertyShark)

Tech and social media news blog Mashable has signed a 10-year, 38,580 square-foot lease for the entire 14th and 15th floors at 114 Fifth Avenue, becoming L&L Holding Company’s first long-term tenant at the redeveloped office tower. 

The media company expects to relocate from its current New York headquarters at 304 Park Avenue South later this year, according to an announcement released this afternoon. 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

The Sit-Down

Bombs, Bullion and the Bronx: David Levinson of L&L Holdings

David Levinson (Photo: Sasha Maslov)

L&L Holding Company’s development of 425 Park Avenue may be the company’s current marquee project, but the firm, which chairman and CEO David Levinson co-founded with Robert Lapidus in 2000, continues to make a mark on Midtown South. In January, L&L purchased 114 Fifth Avenue in a $165 million joint venture, planning to model it after 200 Fifth Avenue, a thriving symbol of Midtown South’s bull real estate market. Mr. Levinson, 64, who owns a stake in the New York Yankees, spoke with The Commercial Observer about Midtown South, the threat of bomb attacks and the Bronx Bombers. Read More

Lease Beat

Giorgio Armani Moves to the Milk Studios Building

450 West 15th Street.

Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013. Read More

Postings

Walking the REBNY Ballroom: Hungry Brokers, Angry Lapidus

1173 REBNY 116th Annual Banquet, 1.19.12

Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.  Read More

Sales Beat

Owner Considering Sale of 114 Fifth

119 Fifth Avenue. (Courtesy Property Shark)

The owners of 114 Fifth Avenue are exploring a sale of the building or a possible leasehold interest in the property sources say.

The approximately 340,000-square-foot midtown south building is held by an anonymous family owner, people familiar with the property said. The building will likely require a substantial infusion of cash in the near future, a factor that is perhaps prompting the offering.
Read More