Following RXR Realty’s $700 million acquisition of 450 Lexington Avenue last year, six of the firm’s top executives met with sellers Daniel Saliba and Mark Troy of Istithmar World Capital for a closing dinner at Lavo, the Italian restaurant on Manhattan’s East Side.
A round of toasts that evening, most agreed, was in stark contrast Read More
Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.
Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.
“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty. “This is a very rare opportunity that allows for top of building signage just outside of Times Square.
Earlier this year, approximately 150,000 square feet opened at the Midtown office tower 399 Park Avenue when the law firm WilmerHale, a tenant in the building, left to relocate to Lower Manhattan.
The property, a 1.75-million-square-foot skyscraper owned by the large commercial owner Boston Properties, is home to the global headquarters of Citibank and is widely considered one of the finest office buildings along Park Avenue, an exclusive and highly desirable corridor in Midtown.
Boston Properties had found takers for the building even in the worst of times, filling the few hundred thousand square feet that suddenly became available in 2008 when Lehman Brothers, a former tenant, collapsed and sparked the financial crisis.
Fast-forward to 2012, a market several years removed from the depths of the recession, and this time around, Boston Properties wasn’t taking any chances. According to the leasing agent at the property, Peter Turchin, an executive at the real estate services firm CBRE, Boston Properties quickly switched to the leasing strategy du jour: finding takers for the space one floor at a time rather than waiting for one big user to fill a large portion or all of the space.
Artisan Partners has expanded their presence at RXR‘s 1330 Avenue of the Americas.
The independent investment management firm moved into the building a year ago taking the entire 10,000 square feet on the 31st floor. Recent growth has led the firm to take another 5,800 square feet on the 27th floor.
“We are pleased to Read More
RXR Realty has signed furnishings giant Knoll, Inc. on for 50,000 square feet of space at its 1330 Avenue of the Americas. Knoll will most make the move to the second through fourth floors at the 534,000-square-foot building during the first quarter of 2013.
Lease of the Week
When Kim Guadagno heard that the media and publishing giant Pearson was relocating from its longtime headquarters in Upper Saddle River, N.J., the first thing she recalled was a promise she had made.
Ms. Guadagno, New Jersey’s lieutenant governor and secretary of state, had been walking months earlier with Dawn Zimmer, the mayor of Hoboken, along that city’s waterfront.
No building has mirrored the economic ups and downs like the aptly named Financial Times building.
Now in a sign that a comeback may indeed be upon us, RXR Realty is about to score their first new deal since taking over 1330 Avenue of the Americas, The Observer has learned. Artisan Partners is in the final stages of Read More