Lease Beat

Regus Renews at 14 Wall Amid Downtown Rebirth

14 Wall Street

Office space provider Regus has signed a 10-year lease renewal at Alex Rovt’s 14 Wall Street for 37,000 square feet across the building’s entire 20th floor.

The deal, arranged by CBRE at asking rents of $45 per square foot, comes as brokers said the building’s appeal, paired with the rebirth of Downtown, has tenants giddy Read More

Lease Beat

All in the Family: Construction Company Secures New York Office

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LPCiminelli Inc., a Buffalo-based construction company, has signed a 5-year lease for 5,836 square feet on the 35th floor of 1250 Broadway. Asking rents were in the mid-$50s per square foot.

The deal with brokered on the tenant side by Kyle Ciminelli, managing director at Newmark Grubb Knight Frank and nephew of the LPCiminelli’s owner, Louis Ciminelli.

“Representing a family member is always fun,” Mr. Ciminelli told The Commercial Observer. Read More

Sales Beat

Jamestown Properties Pays $284 M. for Milk Studios Building

450 West 15th Street

Jamestown Properties has purchased the Milk Studios building at 450 West 15th Street from Stellar Management for more than $284 million, city records show.

The 325,000-square-foot, eight-story office building, home to photography studio Milk Studios and an eclectic mix of tech, fashion and creative tenants, borders the High Line.

It’s a symbolic and strategic move for Jamestown, which owns the Chelsea Market across the street and looks to expand its footprint in the heavily-traveled Meatpacking District.

Ironically, city records show that Stellar provided a $150 million loan to Jamestown, which suggests that the move was perhaps more than a kind gesture, but also a play to complete the deal before the end of 2012, as imminent capital gains taxes loomed (the city record was filed on Friday, but shows the deed was finalized December 21). Read More

The Plan

Check Out the Floor Plan for Gaonnuri, the New Korean Barbecue on the 39th Floor of Jamestown’s 1250 Broadway

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It was a transaction literally a decade in the making. Earlier this year, a deal between Jamestown Properties and Andy Sung, proprietor of the Korean barbecue restaurant Gaonnuri, came to fruition on the top floor of 1250 Broadway.

Once an otherwise abandoned mechanical room under the ownership of SL Green, the 39th floor space in a building near the edge of Manhattan’s Koreatown was widely coveted by not only Mr. Sung, but also other restaurateurs who saw the space as ideal for an eatery with a view. When Jamestown Properties acquired the building in a venture with Murray Hill Properties, Mr. Sung reiterated his case for  leasing the room, although as chief operating officer Michael Phillips insists, he didn’t have to work hard to convince anyone. “We believe that creating the best sense of place and community is what drives tenant retention,” said Mr. Phillips. “There isn’t one size that fits all, and I think  being able to make the most of the assets that you have is what makes for good real estate.” After the jump, Mr. Phillips reviews the floor plans for 1250Broadway’s 39th floor with The Commercial Observer and explained what drew Gaonnuri to the building. Read More

Leasing Assignments

Cushman & Wakefield to Lease 1250 B’way

Cushman & Wakefield's Mitch Arkin (R), seen here with Jeff Roseman (L) (Photo courtesy of Patrick McMullan)

Cushman & Wakefield has been tapped as the exclusive leasing agents for 1250 Broadway, a 773,887-square-foot, Class A office building that is jointly owned by Jamestown Properties and Murray Hill Properties, The Commercial Observer has learned.

A leasing team headed by Mitch Arkin, Peter Alden and Michael Blanchard will be joined by Courtney Adham and Lauren Hayes from Cushman & Wakefield’s Strategic Agency Services Group. Read More