The Year in Review
This past February, 10Gen, developer of the computer system database MongoDB, was in search of new office space, specifically in tech- and media-rich Midtown South.
The company needed a large open layout for its workers, with an option for more space to allow the firm to grow—plus an option to terminate. Unfortunately, the ultra-tight market Read More
Earlier this year, approximately 150,000 square feet opened at the Midtown office tower 399 Park Avenue when the law firm WilmerHale, a tenant in the building, left to relocate to Lower Manhattan.
The property, a 1.75-million-square-foot skyscraper owned by the large commercial owner Boston Properties, is home to the global headquarters of Citibank and is widely considered one of the finest office buildings along Park Avenue, an exclusive and highly desirable corridor in Midtown.
Boston Properties had found takers for the building even in the worst of times, filling the few hundred thousand square feet that suddenly became available in 2008 when Lehman Brothers, a former tenant, collapsed and sparked the financial crisis.
Fast-forward to 2012, a market several years removed from the depths of the recession, and this time around, Boston Properties wasn’t taking any chances. According to the leasing agent at the property, Peter Turchin, an executive at the real estate services firm CBRE, Boston Properties quickly switched to the leasing strategy du jour: finding takers for the space one floor at a time rather than waiting for one big user to fill a large portion or all of the space.
Spotify is on the verge of signing a 73,000-square-foot lease for the entire seventh floor of 620 Avenue of the Americas several sources familiar with the deal say.
The company, which provides online streaming music services, will move to the building from 111 Eighth Avenue.
Weight Watchers is signing a 125,000-square-foot lease at 675 Avenue of the Americas for its Manhattan headquarters.
The company will relocate from 11 Madison Avenue, where it was subleasing space from the insurance company AON.
As of press time, the terms of the company’s deal, including the rental rate it was agreeing to pay nor the length of the lease, were yet clear.
Spotify, the online music streaming service, is looking at a deal to take the entire seventh floor of the office building 620 Avenue of the Americas several sources told The Commercial Observer.
The space, the top floor in the roughly one million-square-foot building, is 73,000 square feet and one of the prime vacancies in the hot Ladies’ Mile submarket of Midtown South.
Rumors are swirling that L’Oreal, the cosmetics giant, is considering a roughly 500,000-square-foot-lease in Midtown South in what would be the latest blockbuster deal in the city’s hottest market.
L’Oreal is said to be looking at a large block of space being vacated by The Port Authority at 225 and 233 Park avenues, two adjacent buildings that have separate lobbies but interconnect internally. The buildings are owned by Orda Management and a leasing team from the real estate services firm CBRE led by Howard Fiddle handles dealmaking at the properties.
Grey Advertising is in the market for between 50,000 and 70,000 square feet and one location it is said to be closely considering is 620 Avenue of the Americas according to several people familiar with the company’s search.
Grey, a subsidiary of the advertising conglomerate WPP, has a lease set to expire at nearby 114 Fifth Avenue and has been trolling for places to relocate with Gregory Tosko, a vice chairman at CBRE, leading its search.