Lease Beat

Priceline Negotiates Deal at 470 Park Avenue South

470 Park Avenue South.

Priceline.com has signed a 10-year lease for the entire 9,936-square-foot 10th floor at TIAA-CREF’s 470 Park Avenue South, The Commercial Observer has learned.

The tenant will pay rent in the low-$50s per square foot, according to CompStak. Just last year, leases in the building were signed in the building with rents in the high-$30s per square foot, CompStak’s data shows. 

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Feature

Head of the Class: Teachers Retirement Fund TIAA-CREF Making Waves in New York

8 Spruce Street

Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.

The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.

“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics. Read More