Lease Beat

R.A. Cohen Moving to 250 Park Avenue

250 Park Avenue.

Real Estate investment and management firm R.A. Cohen & Associates has inked a deal for 8,100 square feet at 250 Park Avenue between East 46th and East 47th Streets, Commercial Observer has learned.

The company will move to the 19th floor of the 21-story building at the end of this year, according to brokers in the deal. Asking rents were in the $60s per square foot in the 15-year lease, which closed last week. Read More

Lease Beat

Law Firm Relocating to Former Dewey & LaBoeuf Space

1301 Avene of the Americas.

In September, Smith Gambrell & Russell is relocating to 1301 Avenue of the Americas from 250 Park Avenue. The law firm will be taking space that was vacated by global bankrupt law firm Dewey & LaBoeuf.

Smith Gambrell & Russell signed a 10-year lease for 29,499 square feet on the entire 21st floor in the Skidmore, Owings & Merrill-designed building at 53rd Street. Asking rents were in the $80s per square foot. Read More

Food & Drink

Clean and Sober: A Tour of Pernod Ricard’s New 250 Park Avenue Offices

Photo: Peter Lettre/New York Observer

It’s Thursday morning, 9:15, and the immaculate bar at Pernod Ricard’s new Midtown headquarters is empty. Company representatives half-jokingly offer Bloody Marys. But despite scores of bottles of Absolut, Jameson, Glenlivet, Beefeater and Malibu that tauntingly—and in some cases perilously—line the conference room tables and cubicle dividers of the three-floor space, the office is all business.

Pernod Ricard, the French beverage conglomerate with 36 wine and spirits brands under its umbrella, settled into its 82,000-square-foot office at 250 Park Avenue last October, leaving behind 40,000 square feet at 401 Park Avenue South, which it subleased. About 200 employees— including 80 who moved here from the Purchase, N.Y., office—occupy the full 16th, 17th and 18th floors (158 employees remain in Westchester). Read More

The Plan

Check Out Pernod Ricard’s New Offices

Pernod Ricard

After signing an 82,000-square-foot deal for three floors—not to mention an option for a fourth—at 250 Park Avenue in May of last year, wine and spirits company Pernod Ricard’s new flagship space consolidated Pernod Ricard USA and Pernod Ricard Americas, which owns brands like Absolut Vodka and Jameson Irish Whiskey.

With the deal, the company now occupies floors 16 through 18, with a focus on the 17th floor, where an open layout and exposed, distillery-like environment commingle with a lounge and conference rooms.

“We’re loving this space—it came out so great,” said Scott Spector, principal of the Spector Group, which designed the space. “It’s one of the coolest spaces we’ve ever worked in on Park Avenue. Some will likely argue that the finished product is even cooler.”

After the jump, Mr. Spector reviews the furniture plans with The Commercial Observer and explains what, exactly, drew Pernod Ricard to 250 Park Avenue. Read More

Mortgage Observer

Class of 2013: New Hires Signal Banks’ Growth Heading Into New Year


Everyone wants to operate a business in New York City. Companies from around the world travel to the Big Apple to expand their presence in the global market by staking out space here.

While the costs of operating a business in the city and in the region can be astronomical, the rewards can make it well worth it. So despite the challenges, each year a number of financial institutions from around the globe decide that it’s time to expand in New York in order to capitalize on companies’ desires to open shop or expand their operations here. As 2012 draws to a close, a number of new entrants from regional and national banks are elbowing in to gain market share in the New York tristate area by offering financing for commercial real estate. That means new hires. Read More