Lease Beat

York Capital Management Renews, Expands at GM Building

GM Building.

York Capital Management has signed a long-term renewal and expansion at the General Motors Building at 767 Fifth Avenue.

The investment management firm, a 10-year tenant in the building, occupies the entire 17th floor and a portion of the 21st floor and will supplement its existing footprint with a 7,179-square-foot sublease from law firm Weil, Gotshal & Manges on 23rd floor. The firm will now occupy a total of to 53,445 square feet at the trophy tower.  Read More

Lease Beat

Veracen Partners Among Pack of New Leases at 250 West 55th Street

250 West 55th Street. (Credit: New York Yimby)

Veracen Partners is among a set of several new tenants to take space at Boston Properties250 West 55th Street, signing a 10-year, 11,263-square-foot lease for a portion of the 16th floor at the 38-story tower.

CBRE, which represented the landlord, announced the lease concurrently with a 7,196-square-foot deal with RTW Investments & LifeSci Capital and a 4,806-square-foot Coltrane Asset Management lease. All three firms will occupy the 16th floor of the building, which features new high-end prebuilts designed by Gensler, with 10-foot ceilings and perimeter offices. Read More

Moving Day

Morrison & Foerster Moving in at 250 West 55th Street

250 West 55th Street. (Credit: Boston Properties)

Morrison & Foerster will be the first tenant to move in at 250 West 55th Street, according to an email to clients viewed by Commercial Observer. The law firm will officially relocate from 1290 Avenue of the Americas on Monday.

The move comes nearly three years after Morrison & Foerster first signed a lease at Boston Properties’ new tower. The firm’s initial 15-year commitment for 180,000 square feet of space on the 17th through 23rd floors allowed the developer to proceed with construction of the tower, which had been delayed during the recession. Approximately a year later, Morrison & Foerster signed a lease for an additional floor at the building. Read More

Lease Beat

Platinum Partners Inks 250 West 55th Street Lease

250 West 55th Street. (Credit: Boston Properties)

Platinum Partners, a hedge fund with more than $1 billion in assets under management, has signed a 10-year lease for the entire 23,274-square-foot 14th floor of Boston Properties250 West 55th Street, Commercial Observer has learned.

The tenant, currently headquartered at Carnegie Hall Tower, will pay rent starting in the mid-$70s per square foot, according to data from CompStak. The terms are similar to the recent deal for Modern Bank, which Commercial Observer first reported last month. Read More

Return on Investment

Investments in Real Estate Return 11.8 Percent for Norway’s Wealth Fund

Times Square Tower

Real estate investments returned 11.8 percent for Norway’s $840 billion sovereign wealth fund in 2013, the fund’s manager announced today.

In the fund’s second-best year ever, the Government Pension Fund Global returned 15.9 percent, or $115 billion, overall, according to the Norges Bank Investment Management. The fund’s equity investments returned 26.3 percent, while fixed-income investments returned 0.1 percent. Read More

Lease Beat

Modern Bank Relocating to 250 West 55th Street

250 West 55th Street. (Credit: Boston Properties)

Modern Bank has inked a 13,200-square-foot lease on the 15th floor of Boston Properties250 West 55th Street in a relocation from 667 Madison Avenue, sources said. 

The one-million-square-foot, 38-story office tower, designed by SOM, completed last year and conceived as a contemporary take on the firm’s mid-century Lever House, has attracted a string of tenants relocating from buildings deemed impressive in their own right.

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Sales Beat

Norway’s Wealth Fund Makes More U.S. Property Deals

425 Market Street

Norges Bank Investment Management, the manager of Norway’s sovereign wealth fund, is maintaining a steady flow of U.S. property deals in early 2014. Last week, NBIM announced it would invest two additional U.S. office properties as part of its joint venture with MetLife

The two properties, in Washington D.C. at 555 West 12th Street and San Francisco at 425 Market Street, are the second and third investments made by the joint venture since it formed in early December. The first deal was an investment in One Financial Center in Boston.

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REBNY 2014

Thomas L. Hill: George M. Brooker Management Executive of the Year

IMG_2993Tom4 (1)

Thomas Hill, a native New Yorker, started off in the real estate industry when he was a child shadowing his father, who worked for a large real estate developer. He would spend his holidays and summers working as an engineer’s helper, eventually completing trade school, climbing the ranks and switching to the managerial side. His career and narrative is a true American success story.  Read More

Sales Beat

Norway’s Wealth Fund and MetLife Form JV

One Financial Center, Boston

Norges Bank Investment Management, the manager of Norway’s $800 billion sovereign wealth fund, and MetLife have formed a joint venture to invest in Class A office properties in key U.S. office markets. It is the third such venture formed by NBIM in the past year as the wealth fund looks to boost its real property holdings.

The joint venture’s initial investment is in One Financial Center in Boston. NBIM has acquired a 47.5 percent share of the asset from Beacon Capital. Concurrently, MetLife increased its ownership share in the property to 52.5 percent.

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Year in Real Estate

Passing the Torch: Real Estate Execs Sign Off in 2013

Mort Zuckerman

From Silverstein Properties and Boston Properties on down to Forest City Ratner Companies, age played a decisive role in succession planning across some of the country’s largest real estate companies this year.

Larry Silverstein, Mort Zuckerman and Bruce Ratner all handed the reins to younger real estate executives during a year of leadership changes that rippled across the industry. Vornado Realty Trust and Cushman & Wakefield also experienced top-level shake-ups. 

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Venture Capital

Real Estate Startup Gets $7M in Venture Funding

VTS Screenshot (Courtesy: View the Space)

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.”

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