Abrupt Exits

Juicy Couture Given $50 Million to Leave Embattled 650 Fifth Avenue

650 Fifth Avenue

Juicy Couture‘s velour tracksuit dispensary at 650 Fifth Avenue could close as soon as January. And the popular, if widely mocked, retailer will receive $50 million for vacating the building with over seven years to go on its lease.

Earlier this month, U.S. District Judge Katherine Forrest gave SL Green and Jeff Sutton permission to acquire the master lease for roughly 32,000 square feet of retail space at the property. That development followed a September verdict that Alavi Foundation and Assa Corporation had to forfeit their ownership stakes in the building after they violated sanctions against and money laundered for the Iranian government. The Shah of Iran funded the construction of 650 Fifth Avenue in the late 1970s. Read More

Sales Beat

SL Green, Jeff Sutton Acquire Retail Leasehold at Controversial 650 Fifth Ave

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The court-appointed federal monitor and interim trustee of the controversial commercial tower at 650 Fifth Avenue has negotiated a deal for the retail space at the building.

SL Green Realty has partnered with Jeff Sutton to acquire a 49-year leasehold interest in the retail portion of the Midtown property which has previously been linked to the Iranian government. Read More

Lease Beat

Metropolitan Real Estate Relocating to 650 Fifth Avenue

650 Fifth Avenue

International investment advisory firm Metropolitan Real Estate is moving its New York headquarters from 135 East 57th Street to 650 Fifth Avenue, The Commercial Observer has learned.

The firm signed an 11-year lease for 11,289 square feet, taking the entire 29th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center. 

“We are excited to add Metropolitan Real Estate to the growing list of excellent tenants at 650 Fifth Avenue,” said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company. Read More

Lease Beat

Real Estate Firm TGM Associates Renews at 650 Fifth Avenue

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TGM Associates, a New York-based investment advisory firm focused on multifamily properties, has renewed its 11,280 square-foot lease at 650 Fifth Avenue, The Commercial Observer has learned.

The firm takes the entire 28th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center.

“The fact that an entity immersed in the real estate industry has continued its commitment in this building speaks volumes about the ownership and the manner in which business is conducted at 650 Fifth Avenue,” said CBRE’s Paul Haskin, who represented the landlord, 650 Fifth Avenue Company, with Robert Stillman and Zachary Freeman.  CBRE is the exclusive office leasing agent and property manager at the building. Read More

Lease Beat

Korea-Based Hana Bank Renews 7,318 SF at 650 Fifth Avenue

650 Fifth Avenue

Korea-based financial institution Hana Bank has signed a 10-year, 7,318 square-foot office lease renewal on the 15th floor at 650 Fifth Avenue, where ownership plans to reap the rewards of an ongoing capital improvement project.

The 36-story, 382,500 square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center, recently underwent an $11 million lobby renovation, completed in July.

“The building has always treated them well and we’re fortunate to retain them in the building,” said CBRE’s Paul Haskin, who represented owner 650 Fifth Avenue Company along with Robert Stillman and Zachary Freeman.  “I think they’re excited to stay, particularly given the renovations the owner has completed, as they continue to improve the property.” Read More

Postings

Real Estate Leaders Give Thanks

The Thanksgiving Turkey float  during th

Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.

Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.

After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
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Inside Iran’s Fifth Avenue Skyscraper

Citigroup, Joseph Abboud, Kurt Salmon Associates, Pali Capital, and the Liz Claiborne Art Ortenberg Foundation are just a few of the bold-faced names who may have been paying rent to the Iranian government for their offices in a Fifth Avenue skyscraper, according to real estate sources, the tenants’ own Web sites, and a complaint filed Read More