Lease Beat

Rockrose Moves Into Its Madison Square Park Building

The lobby at 15 East 26th Street .

Rockrose Development Corp. has moved its offices to a commercial condominium the developer owns along Madison Square Park, Rockrose President Justin Elghanayan told Commercial Observer. Gerner Kronick + Valcarcel, Architects designed the new space.

“The office has exposed ceilings, looks directly onto Madison Square Park and onto the Flatiron Building,” Mr. Elghanayan said. “It’s an airy, open design that’s consistent with our corporate culture and history of developing loft buildings. We have a large kitchen/dining area that adjoins our conference space on the park.” Read More

The Sit-Down

Kevin Hoo’s Tweet Victory

Kevin Hoo

Kevin Hoo’s prior experience with UBS AG and later Tishman Speyer allowed him to slip seamlessly into a role as a vice president at Savanna in 2011, where as an asset manager he handles everything from financing acquisitions to choosing building finishes, leasing them up and handling day-to-day operations. “We run a fairly lean team here,” he said. “My role has been to play the jack of all trades.” At Tishman Speyer, Mr. Hoo’s acquisition, development, design and construction roles saw him focusing on properties as iconic as Rockefeller Center and the MetLife Building, but as he tells it, Savanna’s recent repositioning of 245 and 249 West 17th Street, now home to Twitter’s New York City headquarters, is the most exciting endeavor he has been a part of. Read More

Lease Beat

Israeli National Airline Relocating to 100 Wall Street


El Al Airlines, the national airline of Israel, has signed a 10-year, 14,918-square-foot lease for a portion of the fourth floor at Savanna’s 100 Wall Street.

The airline, which offers nonstop service to Israel from New York and Los Angeles, will relocate its North American headquarters to Lower Manhattan from 15 East 26th Street. In addition to its service from North America, El Al flies to 35 worldwide destinations from Israel. Read More

Lease Beat

Architecture Firm Signs Deal at 31 Penn Plaza

31 Penn Plaza

Architecture firm RMJM has signed a seven-year, 5,085-square-foot lease on the sixth floor at 31 Penn Plaza, the landlord announced earlier this week.

Headquartered in Britain, RMJM operates offices worldwide, including Hong Kong, Edinburgh, London, Abu Dhabi and Bahrain. The firm’s portfolio includes a number of high profile projects, such as the New Scottish Parliament in Edinburgh, the Gazprom Tower in St. Petersburg and the banking headquarters for China Merchants Bank in Shanghai. Read More

Sales Beat

Savanna Pays $75.8M for Adjacent Chelsea Loft Buildings

249 West 17th Street -- the former Siegel-Cooper warehouse

New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.

Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building.  The other property, equal in square footage, is 12 stories high.

The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue. Read More