The American Institute of Chemical Engineers has signed a long-term, 16,506-square-foot lease at Silverstein Properties’ 120 Wall Street, it was announced today.
“After a two-year search of both Midtown South and Downtown, which included inspections of over 50 properties, AIChE elected to relocate to 120 Wall Street, one of the few buildings to provide an incentive program for not-for-profits,” said Leon Manoff, vice chairman at Colliers International, who represented the tenant, in a prepared statement.
Law firm Patterson Belknap Webb & Tyler has signed a 20-year lease for 200,000 square feet of at the recently renovated 1133 Sixth Avenue in Times Square, The Commercial Observer has learned.
The firm resigned a lease for floors 18 through 26 that it first inked 20 years ago. The Durst Organization’s in-house broker Tom Bow represented the landlord, while Ira Schuman of Studley represented the tenant – the same brokers who completed the firm’s lease in the building 20 years ago.
The 1.1 million square foot, 45-story Emery Roth & Sons-designed building was completed by The Durst Organization in 1970 and recently underwent a seven-month lobby renovation, overseen by the architecture firm Gensler.
From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.
But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.
Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line.
Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp.
Robert Becker, senior leasing manager at The Durst Organization, joined the company eight months ago. Having previously worked closely with the firm as an executive with Bank of America’s global real estate transactions and leasing operations team, Mr. Becker jumped on board with inside knowledge of the firm’s pivotal role in shaping the landscape of Read More
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”
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.”
7 West 57th Street Realty Co., a real estate company controlled by Sheldon Solow, filed a lawsuit in federal court yesterday against Citibank, Bank of America, Barclays, JPMorgan and a number of other banks for allegedly conspiring to manipulate the London Interbank Offered Rate (Libor).
The complaint alleges the defendant banks’ conspiracy to manipulate Libor resulted in the seizure of Mr. Solow’s $450 million bond portfolio by Citibank. The portfolio was pledged as collateral for Libor denominated loans, the complaint says, and was comprised largely of high-grade municipal bonds. Subsequently, Solow was obligated to pay a $100 million judgment.
Got a chunk of change lying around? With a book of business north of $5.5 billion, Rosemary Vrablic, a managing director in the asset and wealth management division at Deutsche Bank, can help.
Private banking is loosely defined as personalized financial services offered by banks to their high-net-worth clients. And the top providers are largely holding steady, according to 2011 year-end results from U.K.-based private wealth management consultancy and research firm Scorpio Partnership.
Interpublic Group of Companies and Vornado Realty Trust have sealed the previously reported pending deal at 100 West 33rd Street.
The multinational advertising and public relations company signed a 15-year, 95,000-square-foot space at Vornado’s 1.1 million-square-foot, a spokesperson for the REIT confirmed today with The Commercial Observer.
This past October, after three and a half-weeks of negotiations, Starwood Property Trust and a fund controlled by Starwood Capital Group originated the REIT’s largest transaction so far—$475 million in combined acquisition and construction financing for a joint venture to develop Times Square Gateway Center, a 340,000-square-foot multi-use complex in the busiest area of Manhattan.
After a run of about three years, Starwood Property Trust, which real estate investor Barry Sternlicht took public in August 2009, has “entered the big league,” as FBR Capital Markets analyst Gabe Poggi wrote in a report after the release of the REIT’s third-quarter 2012 results.
Interpublic Group of Companies is in talks to lease an additional 95,000 square feet of space at Vornado Realty Trust’s 1.1 million-square-foot 100 West 33rd Street, sources tell The Commercial Observer.
The 15-year lease and expansion would bring IPG’s total space across two Vornado buildings up to 745,000 square feet.
The Financial Protection Bureau established its first New York outpost by signing a 21,000-square-foot lease at 2 Grand Central Tower. The bureau will occupy part of the third floor and the entire fourth floor at the Midtown building purchased last year by Rockwood Capital. The 10-year lease was done for rents around $50 per square foot. Paul Amrich, Vice Chairman in CBRE‘s Brokerage Services Group, led a team representing the landlord. David Leest, a broker with Brody Realty Corp., represented the bureau.
The regulatory agency was established last year as a result of the Dodd-Frank Act, legislation passed to guard consumers in the wake of the financial crisis and Great Recession. The bureau sought a space that would place it near the financial services companies it works with–the headquarters of Bank of America, JPMorgan Chase, Citibank and Wells Fargo are within a few blocks of 2 Grand Central Tower, on 45th Street between Lexington and Third Avenues.
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The Madison/Fifth Avenue submarket has the most expensive office space in Manhattan and the highest vacancy rate in Midtown, as the owners of its trophy buildings hold out for top-dollar rents.
“The reality is that for tenants who want to have [a] premier office environment with premier views of the city, there’s no such thing as pre-recession or post recession,” said Scott Panzer, vice chairman of Jones Lang LaSalle, who has the task of signing up tenants for one of the biggest vacancies in the city, at 9 West 57th Street. The owner of that building, Sheldon Solow, is looking to get rents as high at $200 a square foot, more than twice the average for the district and more than three times that for all of Manhattan.
The 50-story tower, known for its concave-sloping black glass façades and the fat red numeral 9 on the 57th Street sidewalk, is about one-third vacant, according to JLL’s website. Available spaces range from 3,210 to 247,400 square feet.