Lease Beat

Evercore Grabs More Space on East 52nd Street

Courtesy of Agorafy

Independent investment banking advisory firm Evercore Partners has signed a lease to expand its offices in New York. 

The firm, which advises clients on mergers, acquisitions, public offerings and other strategic transactions, will add 30,356 square feet to its New York presence, taking the entire 11th floor and a portion of the 12th floor at 40 East 52nd Street. Move-in is expected later this summer. The deal spans the next nine years.  Read More

Feature

Head of the Class: Teachers Retirement Fund TIAA-CREF Making Waves in New York

8 Spruce Street

Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.

The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.

“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics. Read More

Mortgage Beat

BlackRock Moves into Global Real Estate Securities

BlackRock_5158

Investment manager BlackRock has launched a global securities division designed to capitalize on the firm’s real estate investment and fundamental equity investment expertise through investments in real estate securities.

Mark Howard-Johnson, formerly of Building & Land Technology, has been appointed to head the division, which is expected to take on about six more investment professionals by the end of the year, the company said. Read More