Lease Beat

Shunning MTS, M5 Networks Comes To 1385 Broadway

1385 Broadway

Joining a growing list of tenants disuaded from Midtown South because of the neighborhood’s rising rental rates and scare availability, M5 Networks has signed a lease to relocate to 1385 Broadway.

The company will take 23,000 square feet, the 435,000-square-foot building’s entire seventh floor, where asking rents are in the $40s per square foot. M5 will be moving from 245 West 17th Street in Chelsea, where it had about 14,000 square feet. Read More

Nordstrom-a-rama

Nordstrom and Extell Development: Patience is a Virtue

Derek Trulson

It turns out that patience is virtue for both Nordstrom and Extell Development. When the retailer announced Thursday that it would be opening a 285,000-square-foot, 7-story store at 225 West 57th Street some time in 2018, it represented the culmination of ten to 15 years of searching. Meanwhile, developer Gary Barnett had been quietly assembling the parcel where the store will open for almost a decade.

In the end, the deal was pulled off thanks to a team from Jones Lang LaSalle, the firm’s Derek Trulson telling The Commercial Observer that real estate expertise, not retail expertise, paved the way. Read More