C&W Loses Brokers But Retains Agency at 535-545 Fifth Ave.

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Last month, Cushman & Wakefield lost broker Andrew Sachs to Newmark Grubb Knight Frank in what could have been a blow to the firm’s leasing assignment at The Moinian Group’s 535-545 Fifth Avenue. After careful consideration, however, the landlord elected to stick with C&W and Bruce Mosler will lead a new leasing team at the East Midtown building.

“We are sorry to see the old team go,” said Gregg Weisser of the Moinian Group. “We certainly had an opportunity to look at other teams and other companies and we did that but there’s something to be said for feeling comfortable with the people you work with, C&W does that for us.” Read More

Lease Beat

Sterne Agee Expands at 277 Park Avenue

277 park

Financial services firm Sterne Agee has inked a 9-year expansion for 23,000 square feet at 277 Park Avenue, Andrew Sachs, executive director at Cushman & Wakefield, who represented the tenant, confirmed with The Commercial Observer. Asking rents in the building range from $65 to $85 per square foot depending on location, he noted.

Currently, Sterne Agee occupies 46,000 square feet in the building on the 24th and 25th floors. The new lease does not include a renewal for the previous space, according to Mr. Sachs. The firm moved to its current location in 2011.

“[Sterne Agee] is a fairly opportunistic organization that is seeing growth across a number of different business lines,” Mr. Sachs said. “It was a shrewd move on their part.” Read More

Midtown South

Midtown South Submarket May Have Peaked

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With rents on a high and vacancy rates inching upward, the Midtown South commercial market may have reached its healthiest point.

Both Midtown and Midtown South – perhaps the tightest market in the country –experienced an increase in vacancy rates this past year, according to numbers released Monday by Cushman and Wakefield, rising to 10.3 Read More

Lease Beat

KGS Alpha Capital Markets Takes Sublease Space at 601 Lexington Avenue

601 Lexington Avenue (photo courtesy of CoStar)

Fixed income brokers KGS Alpha Capital Markets has inked a deal to sublease 30,206 square feet of space at 601 Lexington Avenue, relocating its NYC headquarters from 850 Third Avenue, The Commercial Observer has learned. 

The company will be taking the entire 44th floor in the deal, which was previously occupied by Citadel Investment Group. Asking rents in the 5-year deal were $85-a-square-foot. 

John Nugent and Sam Seiler of CBRE represented Citadel Investment Group. Andrew Sachs and Bill Levitsky of Cushman & Wakefield represented KGS Alpha Investment Group in the transaction.  Read More