Lease Beat

Private Equity Firm Renews at 299 Park Avenue

299 Park Avenue.

Private equity firm Freeman Spogli & Co. has renewed its lease for another seven years at Fisher Brothers299 Park Avenue, the building owner announced today.

Freeman Spogli occupies 8,645 square feet on the 20th floor of the 42-story building at 299 Park Avenue, which occupies the full block front between 48th and 49th Streets. The tower encompasses 1.2 million square feet of office space and is over 99 percent leased, according to Fisher Brothers. Read More

Sammons Says

Staying Relevant on Park Avenue

To hear some people talk about it, every building in the heart of Midtown is in danger of collapsing as the average age is, gasp, 63 years.

But there are a number of major properties in this part of Manhattan that are doing just fine. Many have undergone or are undergoing significant capital improvements to Read More

Lease Beat

Leerink Swann & Co. Subleases Again

Courtesy of Fisher Brothers

Leerink Swann & Co. will take another sublease at 299 Park Avenue.

The consulting firm, which specializes in equity research, investment banking and asset management services, will add another floor to its portfolio in the Fisher Brothers-owned building. The firm will take the 21st floor of the property from UBS, spanning 28,643-square-feet.

Read More

3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

Read More

Lease Beat

Capital One Takes 250K SF at 299 Park Avenue

1-01303-0001.58Jswh1V

Capital One has signed a long-term lease for 250,000 square feet across eight mid-rise floors and ground-level retail space at 299 Park Avenue, The Commercial Observer has learned. Terms for the lease, which will begin immediately, were not disclosed.

The Fisher Brothers property will serve as the primary New York location for the financial services company, which specializes in credit cards and loans. The tenant will take space soon to be vacated by UBS, the Zurich-based company that announced plans to move earlier this year. Read More

Cover Story

We Are OK: New Technology and Existing Resources Are Allowing Sandy’s Victims to Avoid Subleasing

US-WEATHER-STORM-SANDY

On Thursday, Nov. 1, Virgo Business Centers made 27,321 square feet of temporary, furnished office space available at 14 Penn Plaza. Companies displaced by Hurricane Sandy filed in one by one, and by the following Thursday, the space was full.

“Typically, that process takes about a year,” said Pasha Erkin, director of sales at the company. “It’s all about readiness. You could literally bring me 40 people today, and I could have the space ready tomorrow. All you have to do is walk in, flip on a switch, plug in and start working.”

In that building alone, the company took on 177 employees from displaced companies like Coronet, amfAR, Linda Decorato, Ambrose and others located on the eastern tip of Downtown and other areas hit hard by the hurricane. Read More

Investment Sales

Medium Cool: Investment Sales Volume Spiked in 2011, but Future’s Still Cloudy

Illustration by Peter Lettre.

A self-described car guy, Woody Heller, executive managing director and head of the Capital Transactions Group at Studley, sees parallels between automobiles as hard assets and commercial real estate investment sales velocity in New York. Apart from the obvious luxury to be found in cars and Class A buildings alike—his 33-million-square-foot transaction volume likely doesn’t include a jalopy—both markets have also lately been bolstered by similar factors.

“With debt available and with interest rates so incredibly low, it encourages one to buy because money is so cheap,” he said. “If the asset class is in favor compared with what much of the alternatives are—if borrowing costs are incredibly low—it continues to steer people to want to invest in hard assets like real estate.” Read More