More good news out of Downtown, with the latest Cushman & Wakefield research showing that it was the only submarket to register positive net absorption in the third quarter.
Downtown saw 523,000 square feet of positive net absorption, while the average asking rents increased 14.8 percent, to $45.66 per square foot.
The firm attributes the Read More
The National Futures Association, the self-regulatory organization for the U.S. derivatives industry, is relocating to One New York Plaza from 120 Broadway after signing a 10-year, 36,000-square-foot lease–the first for the property since it sustained damage during Hurricane Sandy. Asking rents were $49 per square foot.
“As a self-regulatory body, our responsibilities and headcount were increasing,” said Karen Weurtz, spokesperson for the NFA. “Our lease was terminating and we needed more space; this was the time to do it.”
The YMCA Retirement Fund signed a 15-year, 52,000-square-foot lease at Silverstein Properties‘ 120 Broadway, The Commercial Observer has learned.
Roger A. Silverstein and Joseph Artusa of Silverstein Properties represented the landlord. Robert D. Goodman of Colliers International represented the tenant. Asking rent was $38 per square foot.
The non-profit tenant will relocate to the full 19th floor of 120 Broadway from 48,000 square feet at 140 Broadway, which it leased in 1999 when Silverstein owned that property. Silverstein sold 140 Broadway in 2004.
Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp.
On the heels of a consolidation spree at 120 Broadway, the American Arbitration Association has inked yet another deal in Midtown, The Commercial Observer has learned.
The firm will take another 25,000 square feet at 150 East 42nd Street in Midtown in addition to the approximately 79,000 square feet of space it inked last week Read More
American Arbitration Association has inked a deal to consolidate several office in New York at the Silverstein Properties-owned 120 Broadway, The Commercial Observer has learned.
“This complex deal was the result of an extensive search throughout Manhattan to consolidate American Arbitration Association into one location,” said Chris Kraus, a broker from Jones Lang LaSalle. “Downtown just Read More
Post-Tropical Storm Sandy
Silverstein Properties reopened 120 Wall Street Wednesday morning for the first time since Hurricane Sandy flooded the 600,000-square-foot building’s basement and damaged electrical distribution equipment.
The company pumped more than one million gallons of water out from the building’s basement and removed contaminants before methodically checking all base systems to get them back up and running, Jeremy Moss, the firm’s vice president of leasing told The Commercial Observer.
“Since the storm we’ve been working around the clock to get the building up and running and to bring tenants back – we succeeded this morning at 8 a.m,” Mr. Moss said.
Silverstein Properties this month leased a 50,000-square-foot block of space at 120 Broadway to Beyer Blinder Belle Architects & Planners LLP, taking advantage of the incipient migration of a new breed of tenant into the Financial East area.
The prewar buildings that predominate in the submarket, which includes the financial landmarks along Broad and Wall Streets, have long since ceased attracting the biggest banks, law firms and insurers. Still, while vacancies in the submarket remain at almost 14 percent, local landlords and brokers say the flow of nontraditional tenants into the area is beginning to gain momentum.
Silverstein Properties may not yet be pulling tenants to the World Trade Center site, but several leases are teeing up at 120 Broadway according to sources familiar with the building.
At least three deals are done or in process these people say, including a large lease that just got signed for the building’s entire 50,000-square-foot seventh floor with the Metropolitan Council on Jewish Poverty.
77 Water Street
Goldman Sachs, at one point America’s No. 1 source of sublease space, has handed over another small chunk of its unwanted bounty.
Several years ago, the financial giant leased 600,000 square feet at 77 Water Street, only to decide it didn’t really want to occupy the FiDi favorite. Technology consultancy Read More