The Plan

Check Out American Realty Capital’s 218 West 18th Street

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Earlier this year, American Realty Capital acquired the 165,000-square-foot office building at 218 West 18th Street in Chelsea from the Atlas Capital Group and GreenOak Real Estate. Rather than appoint a new leasing agent at the building, new ownership retained the CBRE team led by Gregg Rothkin to lease up the vacant space in the building, which received a thorough renovation under previous ownership, including a new lobby and complete HVAC system.

Having inked deals for Red Bull, Yammer and SAE Institute at the space, the CBRE team now has two full-floors to market to potential tenants. The 13,504-square-foot sixth floor has been built out with the creative Midtown South tenant niche in mind and will offer a glimpse of what tenancy at 218 West 18th Street can look like.

“A prebuild in Midtown South is different than a prebuild in Midtown,” Mr. Rothkin told The Commercial Observer. “These are more creative tenants, and we responded to feedback we got and what we have seen from the build-out of other tenants.”

Last week, Mr. Rothkin discussed the build-out.

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Assignments

CBRE Named Exclusive Agent for 218 West 18th Street

218west18th

American Realty Capital New York Recovery REIT has selected CBRE as the exclusive leasing and managing agent for 218 West 18th Street, it was announced today. Gregg Rothkin and Ben Fastenberg of CBRE will continue to market the property.

The building boasts availability on the second and sixth floors, both measuring 13,500 square feet, according to a statement. Ownership is planning to undertake a pre-build of the sixth floor. Read More

Sales Beat

Real Estate Tycoon Eugene Grant Sells Controlling Stake in the Behemoth St. John’s Terminal Building

550 Washington Street

Real estate tycoon Eugene Grant has sold his controlling stake in the behemoth St. John’s Terminal Building in SoHo for roughly $250 million, sources said.

The news comes on the heels of a report from the The Commercial Observer in September that said a provision in Mr. Grant’s agreement with the other owners could jeopardize his unrelenting, firm, and decades-long grasp on the property.

Mr. Grant sold his 50.1 percent share to the other owners, made up of Fortress Investment Group, Atlas Capital Group and Westbrook Partners, which owned the other 49.9 percent, sources familiar with the deal said, confirming what was first reported in the New York Post. Read More

Sales Beat

Savanna Pays $75.8M for Adjacent Chelsea Loft Buildings

249 West 17th Street -- the former Siegel-Cooper warehouse

New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.

Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building.  The other property, equal in square footage, is 12 stories high.

The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue. Read More

Sales Beat

635, 641 Sixth Avenue Bought for $173 Million

635 Sixth Avenue.

SL Green has bought two Midtown South buildings for $173 million as part of its effort to expand into the booming submarket. The two adjoining buildings were once part of a single Ladies’ Mile department store.

The buildings, 635 Sixth Avenue and 641 Sixth Avenue, were bought from Atlas Capital Group, whose other New York holdings include 845 West End Avenue and 24-02 Queens Plaza South. Read More

Lease Beat

San Francisco-Based Yammer Coming to New York

Courtesy of Legacy NY

San Francisco-based Yammer will be opening a 13,500-square-foot office in New York’s tech hub.

The tech firm has signed a five-year lease for Atlas Capital Group’s 218 West 18th Street. The building is around the corner from Google-owned 111 Eighth Avenue, the building that prompted a wave of office openings for tech companies in the neighborhood.

“This was in Read More

Lease Beat

What you Infor? Georgia-based software firm becomes latest "Alley" cat

Infor

As the old adage goes, you only have one chance to make a first impression.

For Infor, a business software company whose roster of 70,000 clients – Saab, AB World Foods, Foxwood Casinos, et al – are far more recognizable than they are, moving into New York City’s growing tech market is as good as telling the world you’re ready to play with the big boys.

Infor signed a long-term lease at 641 Avenue of the Americas, an eight-story building owned by Atlas  Capital Group, officials announced earlier today. Read More