View the Space, the real estate startup that collects leasing data and creates virtual space tours, has secured a $7 million round of venture funding.
The funding, provided primarily by Trinity Ventures of Menlo Park, Calif., will allow View the Space to expand into new markets and build the next generation of the service, according to a report by The Wall Street Journal.
“We believe that real estate has been, like some industries, underpenetrated by information technology,” said Noel Fenton, a general partner at Trinity, in an interview with the Journal. “There is an opportunity there to help owners and brokers execute their job more efficiently through online facilities.”
Continental Grain Company has signed a 38,100-square-foot, seven-year sublease and relocation at Boston Properties’ 767 Fifth Avenue – the iconic GM Building.
The New York Post reported that the 200-year-old company will relocate its Midtown headquarters to the GM Building, where it will take the entire 15th floor. The space was one of Read More
Gruss Capital Management is moving to the 16th floor of 510 Madison Avenue.
The capital management firm will jump from Class A building to Class A building in Midtown East, leaving the Lady Liberty-guarded 667 Madison Avenue to Boston Properties’ building a few blocks down the street.
Masters of Real Estate
There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?
Not a chance, said a group of the city’s top real estate developers at Observer Read More
In yet another sign of the property’s appeal to financial services firms, Boston Properties has signed two new tenants at 540 Madison Avenue, The Commercial Observer has learned.
In the larger of the two deals, Orchard First Source Capital has signed a 10-year, 10,900-square-foot lease for a portion of the eighth floor. The tenant will pay rent in the high-$60s per square foot, according to data from CompStak.
In the building’s tower, Sandell Asset Management has signed a 10-year deal for the entire 7,050-square-foot 36th floor. The alternative asset manager will pay rent starting in the low-$90s per square foot, CompStak’s data shows.
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
2013 Owners Magazine
Early last month, Norway’s sovereign wealth fund announced it would invest $684 million in a 45 percent stake of Boston Properties’s Times Square Tower.
No small achievement, the investment is the Norwegian Government Pension Fund’s second real estate play in the United States in a span of just eight months as it seeks to rev up its portfolio to as much as 5 percent of total assets under management.
The uptick in activity, prompted in part by the fund’s desire to reduce its exposure to the bond market, is a welcome development for real estate’s largest institutional players now seeking to realize gains on investments made during the past decade and to deploy capital in other sectors of the market.
Masters of Real Estate
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
On what was described as a “clear, sunny afternoon” in August, Boston Properties’ founder Mortimer Zuckerman reportedly veered off Main Street in Long Island’s East Hampton Village and crashed into a single mother’s parked Ford Fusion, leaving the scene after affixing a note atop the crushed vehicle.
Norway’s sovereign wealth fund, the Norwegian Government Pension Fund Global, has agreed to acquire a 45 percent interest in Times Square Tower from Boston Properties for $684 million in cash.
The acquisition agreement, signed on September 6, values the entire building at $1.52 billion. Following the close of the sale, Boston Properties will retain management and leasing responsibilities.
Boston Properties’ 250 West 55th Street is set to come online early next month with key tenants Morrison & Foerster and Kaye Scholer having already snapped up close to half of the building. CBRE, one of the lead leasing agents at the building, is already planning for tenant expansion, offering short-term (five- to seven-year) leases for a variety of prebuilt spaces on the building’s 25th floor.
Ranging from approximately 3,200 square feet to 5,700 square feet, each space is flexibly designed to cater to a range of tenants, including law and financial services. Though CBRE has yet to begin marketing the space officially, the leasing team is already in discussions with one potential financial services tenant.
Peter Turchin, executive vice president and landlord representative, spoke to the The Commercial Observer last week about the building’s 25th floor, where work is being completed, and what opportunities abound at 250 West 55th Street. “We’re just finishing up the units right now,” said Mr. Turchin. “These will be completed in the next week to two weeks and they’re going to come online the first week after Labor Day.”
Marjorie Tsang of the New York State Common Retirement Fund is to be honored by WX New York Women Executives in Real Estate as Woman of the Year. A long-time member of the association, Ms. Tsang previously served on the WX board of directors and aided in the development of the association’s scholarship initiative.
“It is truly a humbling experience,” Ms Tsang told The Commercial Observer of her nomination. “What clicks immediately is the cause, which is to support the scholarship program that WX has championed.”
Financial services tenants have been flocking to Boston Properties’ 510 Madison Avenue and three recent deals indicate interest remains high, despite triple-digit rents. The Canada Pension Plan Investment Board, 400 Capital Management and Prosiris Capital Management have all signed 10-year, 11,500-square-foot full floor deals in the building, a source familiar with the transactions confirmed with The Commercial Observer.
Boston Properties’ new marquee office tower at 250 West 55th Street, which is set to open for its anchor office tenants Morrison & Foerster and Kaye Scholer this winter, boasts a number of retail opportunities, including a restaurant space totaling more than 7,000 square feet across the ground and lower levels.
The unique location is a prime intersection for tourist, residential and business traffic. The search for the right tenant, which is being handled by Cushman & Wakefield’s Steven Soutendijk, senior director, David Green, executive vice president, and Christopher Schwart, senior associate, is focused on a full-service restaurant that fits with the image of the building. Though discussions with a number of potential users are ongoing, there have been no handshakes on a deal. The space, though, is ready to begin a build-out should a tenant sign on.
“We’re ready to start now, we’re ready to sign a lease now and we’re ready to get a tenant in the building now,” said Mr. Soutendijk during a tour of the space last week. “A restaurant build-out of this magnitude could take anywhere from six to nine months, and we would love to get it online at the same time as the building, but that would necessitate signing a lease now.”
Some were surprised, to say the least, when news spread last month that Brazil’s Banco Itaú had agreed to pay upward of $200 per square foot for a 35,000-square-foot space on the 50th floor of the General Motors Building at 767 Fifth Avenue.
“I nearly fell off of my chair when I read that,” said Read More