Lease Beat

Bank Leumi USA Leases 60,000 Square Feet At Polished Up 579 Fifth Avenue

579 Fifth Avenue (Photo courtesy of Stawski Partners)

Bank Leumi USA signed a 20-year, 60,000-square-foot lease at 579 Fifth Avenue and will fan out across five floors of the 17-story, 150,000-square-foot Midtown building. The American satellite of the Israeli bank currently has a branch at the ground floor storefront. Asking rents were in the $60 per square foot range.

Brian Gell of CBRE represented the tenant. Sam Seiler, Stephen Kenneth Eynon and Edward Goldman–also of CBRE–represented the landlord, Axel Stawski. Read More

Chelsea

As High Line Thrives, Rent Rises in Chelsea While Some Art Galleries Flee

Chelsea.

In Chelsea these days, talk inevitably seems to come back to the High Line.

“It created a neighborhood where one didn’t exist,” said Christopher Albanese, principal at the Albanese Organization, after unveiling plans this month for a 10-story office building adjacent to the elevated oasis that cuts through the western end of the neighborhood.

Mr. Albanese said he got a taste of the potential for Class A office space near the park last year, when the company was able to lease the Chelsea Art Museum building to Hewlett Packard Co. within three months of putting it on the market. According to Cushman & Wakefield, there are only two Class A buildings in Chelsea, both fully occupied; the total vacancy rate in the district’s 83 office buildings is 3.9 percent. Read More

Lease Beat

East West Bank Opens Office in 535 Madison

Courtesy of the City Review

The East West Bank will be expanding its New York operations and opening an office at 535 Madison Avenue.

The publicly owned Chinese-American bank will take a 14,375-square-foot space on the 8th floor of Park Tower Realty’s building.

“We have several banks in the building,” said Brain Gell, vice chairman of CBRE and broker for Read More

Lease Beat

Ogden CAP Deal Brings 545 Madison To 80% Occupancy

545 Madison Avenue

Ogden CAP Properties, a real estate investment arm of the Milstein family, has signed a 10-year, 27,000-square-foot deal at 545 Madison Avenue. The lease, for the 17-story building’s entire fourth, fifth and sixth floors, has pushed the once-struggling building up to 80 percent occupancy.

David Sigman, an executive vice president and principal at LCOR, the Read More