By Gus Delaporte 3/14 7:30am

Lease Beat

277 park

Sterne Agee Expands at 277 Park Avenue

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

By Karsten Strauss 1/09 7:45am

Midtown South

The Midtown South submarket of Manhattan may have peaked.

Midtown South Submarket May Have Peaked

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

By Daniel Edward Rosen 9/18/12 4:30pm

Lease Beat

601 Lexington Avenue (photo courtesy of CoStar)

KGS Alpha Capital Markets Takes Sublease Space at 601 Lexington Avenue

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