Digital analytics company Return Path will expand its headquarters by an entire additional 23,000-square-foot floor at Charles S. Cohen‘s 3 Park Avenue between East 33rd and East 34th Streets in Midtown South, Commercial Observer has learned.
The company, which leased the 41st floor penthouse at the building last year, will incorporate new space in the next week or so on the 30th floor that features panoramic views, a modern finish and 14 corner offices. Return Path will operate from a 46,000-square-foot footprint at the building when it assumes occupancy and the additional floor carried asking rents of $65 per square foot, Cohen Brothers Realty Corp. officials said.
Charles Cohen, the president and chief executive of Cohen Brothers Realty Corporation, knows he can parachute Marc Horowitz into the middle of a leasing nightmare and Mr. Horowitz will turn the situation around.
“Marc is the most creative, instinctive and resourceful in-house commercial leasing broker I’ve ever been associated with, hands down,” said Mr. Cohen.
Cintra Software & Service Inc. has signed a 10-year, 8,424-square-foot lease on the 32nd floor of Cohen Brothers Realty‘s 3 Park Avenue.
The Oracle database and business service provider was drawn to the 42-story, orange brick building because of its convenient location and flexible floor plans, with plans to use the space for general and Read More
After three-and-a-half years handling leasing in Manhattan, Westchester, Florida and California for Cohen Brothers Realty Corporation, Marc Horowitz has made the jump to senior vice president at the firm.
“Marc has proven his expertise is not limited to a single market and has done an outstanding job in executing over a million square feet of transactions throughout our national portfolio,” President and Chief Executive Charles Cohen said in a prepared statement. “We look forward to his continued success in his new post.”
Digital analytics company Return Path Inc. has signed an 11-year, 23,280-square-foot lease for the entire 41st floor at Charles Cohen’s 3 Park Avenue, it was announced today. Asking rent was in the mid-$60s per square foot.
“This deal clearly demonstrates the strong attraction of prime top-floor office space,” said Mr. Cohen, who also runs Cohen Media Group, a distributor and producer of foreign and independent films, in a prepared statement. “The views, amenities and access to transit at 3 Park Avenue are second to none.”
The American Institute of Chemical Engineers has signed a long-term, 16,506-square-foot lease at Silverstein Properties’ 120 Wall Street, it was announced today.
“After a two-year search of both Midtown South and Downtown, which included inspections of over 50 properties, AIChE elected to relocate to 120 Wall Street, one of the few buildings to provide an incentive program for not-for-profits,” said Leon Manoff, vice chairman at Colliers International, who represented the tenant, in a prepared statement.
Charles Cohen is in the business of creating. As the president and chief executive officer of Cohen Brothers Realty Corporation, Mr. Cohen oversees a portfolio of properties and design centers in New York, Florida, Texas and California. He also executive produced the Academy Award-winning Frozen River and runs Cohen Media Group, a distributor and producer of foreign and independent films. Mr. Cohen’s father, Sherman Cohen, the developer who built CBRC into a powerhouse with his two brothers, died late last month at 91. And while Mr. Cohen politely declined to answer direct questions about his father, he did speak to The Commercial Observer about his legacy when discussing recent developments at the firm and in New York real estate. Mr. Cohen also spoke enthusiastically about the film industry and this year’s crop of new movies, which will be in the national spotlight when the Academy Awards airs this Sunday.
The Commercial Observer: In 2011, you told The Commercial Observer that you and the rest of the real estate industry were moving at 25 miles per hour. What was the speed in 2012?
Mr. Cohen: In New York, we’re going twice as fast as last year, but not fast enough.
The New York State Society of CPAs signed a full-floor 37,000-square-foot lease at 14 Wall Street and will leave its offices at 3 Park Avenue between 33rd and 34th Streets.
The NYSSCPA joins a number of other firms who have left midtown for Lower Manhattan. CBRE‘s Brad Gerla and Jon Cope represented the landlord, Alex Rovt, a Ukrainian fertilizing titan who bought 14 Wall Street last year for $303 million. Jones Lang Lasalle‘s Ellen Herman represented the tenant. Asking rents were in the $40 per square foot range.
When North American engineering consultancy Hatch Mott MacDonald sought to expand and relocate from its offices at 3 Park Avenue, officials explored buildings throughout Midtown and Midtown South, and initially they had no interest in 1400 Broadway, a 35-story building owned by W&H Properties.
All it took to change the minds of the executives, however, was a tour of the building’s 15,088-square-foot 30th floor, a space that, despite its size, boasts four separate terraces, including one that wraps around West 38th Street all the way to Broadway. Such amenities, not to mention the asset’s proximity to Grand Central Station and Penn Station, helped tip the scales in January, when officials inked a full-floor deal.
After the jump, Fred Posniak, a senior vice president at W&H Properties, reviews the floor plans with The Commercial Observer and discusses what, exactly, drew the consulting company to 1400 Broadway in Midtown.
New York landlord Charles Cohen says he’s not concerned about opening vacancies in his portfolio.
In the past year, two large tenants relocated from buildings Mr. Cohen owns.