Industry veteran Shari Krasnow-Renzi has joined Avison Young as a director of project management as part of the firm’s expansion of its project management services platform in New York City, the company announced today.
Ms. Krasnow-Renzi previously spent 15 years with Turner & Townsend, where she managed build-out and construction assignments.
She will oversee project Read More
In another whopping example of large real estate owners seeking to capitalize on current market conditions by unloading top-shelf inventory, Boston Properties has reportedly sold its 23-story office building at 125 West 55th Street for $470 million to J.P. Morgan Asset Management.
The deal follows a string of other Class A building sales this year – 550 Madison Avenue, 30 Rockefeller Plaza, 237 Park Avenue and 75 Rockefeller Plaza – which accounted for $3.8 billion of the city’s first quarter dollar volume and created a 46% year-over-year jump, according to data from Avison Young.
Midtown South is starting to look a little like Downtown North.
In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.
“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview.
Like the westward expansion that gripped the nation during the early to mid-1800′s, the expansion of Midtown Manhattan offers the city’s commercial real estate pioneers a modern crack at manifest destiny.
The trajectory of Midtown’s new building stock over the last seven decades tells a story of westward expansion that most recently struck Midtown West with the Hudson Yards development project.
“Hudson Yards really is the last frontier,” said James Delmonte, principal and vice president of research at Avison Young. “Firms are looking for newer product and larger floor plates, largely because there really is no available land on the east side.”
Office-leasing specialist Adam Rappaport has joined Avison Young as principal, leaving Cushman & Wakefield after 13 years to join a growing list of industry pros to be scooped by the Canadian firm.
A string of hires within the last few months highlights the firm’s mission to expand its footprint across New York City and the United States — and Mr. Rappaport cited that as a motivator for his move.
“I am excited to be part of an organization that is poised for such tremendous growth, and look forward to leveraging my relationships and expertise to establish new avenues for business development,” Mr. Rappaport said, in a statement announcing his hiring.
Avison Young was named the exclusive agent to market for sale a 29-year leasehold at 16 West 36th Street, the Canadian firm’s fast-growing New York office announced yesterday.
Neil Helman and Charles Kingsley, both principals and members of the firm’s Capital Markets Group, are marketing the leasehold on behalf of 16 W. 36th Associates LLC, the landlord of the 13-story Midtown property with 67,271 rentable square feet.
The landlord is a partnership between a private real estate investment fund and local investor, both of whom wish to remain anonymous at this time.
Industry veteran John Ryan III is the latest hire in Canadian real estate firm Avison Young’s mission to expand its footprint across New York City and the United States.
As Principal of the firm’s New York City office, Mr. Ryan will harness his 23 years of experience in tenant and landlord representation, providing brokerage services for key clients.
“I am thrilled by the opportunity to join Avison Young,” Mr. Ryan said, in a prepared statement. “The positive trajectory of Avison Young’s growth nationally, as well as in the New York City market, where the firm has established a high-quality reputation in a relatively short period of time, has been very exciting to watch.”
Focus Financial Partners has signed an 11,923-square-foot office lease at The Durst Organization’s 825 Third Avenue in Midtown East.
The partnership of wealth management firms relocates to the 40-story, 544,000-square-foot office tower from the 7,400-square-foot space it previously occupied at 909 Third Avenue.
“The building offered a well-priced alternative along Third Avenue with great light, city views and an efficient floor plate configuration,” said Greg Kraut, principal and managing director of Avison Young’s New York City office in a statement, who represented the tenant with Dana Trulis and Paul Massey. “We are very pleased to have been able to identify a new office location for Focus that effectively addresses the firm’s business needs… this area of Third Avenue has become a destination for companies in search of value in a strategic Midtown locale with great access to transportation.”
Heidell, Pittoni, Murphy & Bach, LLP has renewed its 30,000-square-foot lease at 99 Park Avenue in Midtown’s Grand Central submarket for an additional ten years, sources tell The Commercial Observer.
The firm sealed the deal for the seventh floor — which was set to expire in 2015 — through May 2026, hoping to lock rents Read More
Hospital for Special Surgery has purchased a development site at 517 East 73rd Street and 523 East 73rd Street for $31 million, where it plans to expand its campus along the Upper East Side, The Commercial Observer has learned.
The property, between York Avenue and the FDR Drive, is within a few blocks from the hospital’s main campus at 535 East 70th Street, and in close proximity to the other hospital and medical centers that support the Upper East Side.
“On behalf of the sellers, we were able to secure a not-for-profit buyer, which is a great fit for this property and complementary to the medical character of the neighborhood,” said Jon Epstein of Avison Young in a statement, who represented the seller, a private family owner, with Vincent Carrega. “This site presented a unique opportunity for Hospital for Special Surgery to develop a new facility near to its existing main campus.”
Avison Young has added Anthony LoPresti to its roster. Mr. LoPresti, most recently an office leasing broker with CBRE, will join the firm as a senior vice president in its New York office effective immediately.
In his new position, Mr. LoPresti will focus on the representation of landlords and corporations in their office leasing requirements, Read More
Canadian real estate services company, Avison Young, is predicting a cautious first quarter, despite reporting impressive sales in New York City’s investment sales market.
Strong sales was a hallmark of 2012’s fourth quarter, influenced by economic uncertainty due to so-called ‘fiscal cliff’ negotiations between President Barack Obama and Congress. Sellers chose to place assets on Read More
Times of change and uncertainty are always worrisome for investors—fear takes hold, spending is called into question and valuations become unpredictable.
Mix an election season with the impending threat of a potentially devastating fiscal cliff, then throw in a destructive, rogue tropical storm named Sandy, and you’ve created an environment that is not conducive to a stellar business quarter for the commercial market.
However, thanks to tax law-motivated sales and retail—as well as a handful of big end-of-year leasing deals—the fourth quarter ended on a relatively positive note, despite a slowdown in leasing activity.
Canada-based commercial real estate firm Avison Young announced the hire of Walter Blyzniuk. Mr. Blyzniuk, formerly a senior director with CBRE, was brought on to establish a tristate market advisory and transaction services platform focused on the commercial real estate needs of pharmaceutical companies, according to Avison. He will be based in both the company’s Read More
Avison Young entered the U.S. market three years ago and, with the help of former CBRE broker Greg Kraut, has managed to establish an impressive beachhead in the New York tristate market. Kraut, now principal and managing director at Avison Young, has built a team of stars that includes former brokers from Grubb & Ellis, Read More