American Realty Capital New York Recovery REIT has selected CBRE as the exclusive leasing and managing agent for 218 West 18th Street, it was announced today. Gregg Rothkin and Ben Fastenberg of CBRE will continue to market the property.
The building boasts availability on the second and sixth floors, both measuring 13,500 square feet, according to a statement. Ownership is planning to undertake a pre-build of the sixth floor.
SAE Institute (f.k.a. the School of Audio Engineering) signed for a 10-year relocation and expansion that will bring it from 1293 Broadway to 27,000 square feet at 218 West 18th Street in Chelsea, The Commercial Observer has learned.
CBRE‘s Stephen Siegel, Gregg Rothkin and Peter Turchin, along with Zak Snider and Ben Fastenberg represented the landlord, Atlas Capital Group and GreenOak Real Estate. A team from Realty Insight Group and Zimmer Real Estate Services led by RIG President Neil Schoor represented the tenant.
San Francisco-based Yammer will be opening a 13,500-square-foot office in New York’s tech hub.
The tech firm has signed a five-year lease for Atlas Capital Group’s 218 West 18th Street. The building is around the corner from Google-owned 111 Eighth Avenue, the building that prompted a wave of office openings for tech companies in the neighborhood.
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Lease of the Week
Midtown South is hot with leasing activity and 218 West 18th Street, at the area’s nexus of activity in Chelsea, had been recently gut-renovated into pristine condition.
So when Atlas Capital and GreenOak Real Estate Partners purchased the roughly 170,000-square-foot property for about $60 million at the start of the year and handed it to a CBRE leasing team to fill, there was no question they had high expectations.
Red Bull has signed a deal to take 42,000 square feet at 218 West 18th Street. The Commercial Observer first reported the deal this morning and CBRE, the brokerage that handled the transaction, subsequently confirmed it in a statement it released later in the day.
Red Bull is leasing the building’s two retail floors, which together total about 15,000 square feet and two office floors as well, seven and eight, which together total about 27,000 square feet.
Lease of the Week
When in 2006 the real estate investor Joseph Moinian bought the office building 475 Fifth Avenue in partnership with the firm Westbrook Partners, the Eurasia Group—a tenant in the building—saw it as an opportunity. The company had years left on its lease, but word quickly spread among tenants that Mr. Moinian was going to offer handsome buyouts to empty the building so he could gut renovate the skyscraper and re-lease it at sky-high rents.
Mr. Moinian’s strategy hardly seemed audacious at the time. The economy was hot, Manhattan rents were rising by the month and prime office space was in strong demand.