Lease Beat

Pandora Media Takes 52K at 125 Park Avenue

Courtesy of SL Green

Pandora Media will relocate its New York sales office, The Commercial Observer has learned.

Pandora Media’s corporate structure places its main office in Oakland California with several sales offices throughout the country, namely in proximity to recording studios hubs in Chicago, Atlanta, Dallas, Detroit, Los Angeles, and, of course, New York. Read More

Lease Beat

10gen Expands at Former NYT Building


10gen is expanding its presence at the former New York Times Building with an additional 20,432 square feet across the 5th floor, bringing its total occupancy to nearly 50,000 square feet.

The deal comes seven months after the growing software and database company signed a six-year, 29,391-square-foot lease with contiguous expansion options in December 2012, which includes Read More

ICSC 2013

Minute By Minute: The First Day and a Half at the International Council of Shopping Centers RECon Expo


On Sunday night at the MGM Grand Garden Arena in Las Vegas, Taylor Swift and Justin Bieber made the fans squeal and the paparazzi snap. But just off the strip, at the Las Vegas Convention Center, the real action got underway with the start of RECon. Below, The Commercial Observer’s
reconnaissance work at The Global Real Estate Convention, where 35,000 registered attendees are helping to shape the future of retail real estate. Read More

Lease Beat

Lenox Hill Hospital/North Shore-LIJ Renews at 110 East 59th Street


Lenox Hill Hospital/North Shore-Long Island Jewish Health System has signed a 15-year renewal for 70,434 square feet at 110 East 59th Street. Asking rents were in the $70s.

“They had a lease that had a little bit of term left to go, but they want to do some work in the space, so they just wanted to put a little bit more term on the lease,” Dennis Brady, executive managing director at Jack Resnick & Sons, the landlord, told The Commercial Observer. Read More


NGKF Nabs REBNY Most Ingenious Deal of the Year Award


The Newmark Grubb Knight Frank team of Barry Gosin, Brian Waterman and Romel Canete was awarded the Real Estate Board of New York’s Henry Hart Rice Award for the Most Ingenious Deal of the Year Award at the trade association’s 69th annual cocktail reception yesterday evening. The deal, which was a lease for Morgan Stanley at One New York Plaza, closed in April of last year.

The judging committee evaluated 37 dealmakers across sales, lease and finance transactions over the last year. So impressive were the submissions, that a presenter at last night’s event at the 101 Club wondered aloud whether the authors of the submissions had advanced degrees in creative writing. Read More

Midtown 2013

New Tricks for Old “Times” Building

Former AIG Head Reportedly Considering New York Times Takeover

When the information database developer 10Gen was on the hunt for office space last year, it initially focused its search around Midtown South’s tech-industry hotbed. In December, the company inked a deal for 29,400 square feet at 229 West 43rd Street, the old New York Times headquarters.

The deal suggested a shift among youthful companies that for years had sought nontraditional loft-like offices in and around the Flatiron District, Union Square and Soho.

A post-recession spike in activity and rents was welcome, but even more encouraging was the fact that cutting-edge tech and new media firms were generating significant activity in the prime neighborhood so often associated with starchy law firms and corporate users. The fact that the former headquarters of an archetypal old media giant was drawing new media (and tech) blood was an intriguing development. Read More

Lease Beat

Al Jazeera Reportedly Turned Off By ‘Too Many Columns’ at Former Times Building

Interior at 229 W. 43rd St. boasts lofty feel but perhaps too many columns

Bad breath.  Body odor.  Too many columns.

Al Jazeera reportedly eyed the former New York Times building at 229 West 43rd Street as a potential headquarters for its expanding U.S. operations, but the news agency may have been turned off when it saw “too many columns,” The Wall Street Journal reported today.

Though the building has drawn interest from numerous tech and creative firms, which place great value on lofty, open workspaces, even a single column can pose a big problem for large TV studios.

“Most studios require large areas of column free space, in addition to high ceilings,” Jason Schwartzenberg, a corporate managing director at Studley who focuses on creative tenants, told The Commercial Observer. Read More

Power Broker

The Postgraduate: Newmark Grubb Knight Frank’s Brian Waterman

Photo: Peter Lettre/NY Observer

Brian Waterman’s 27 years at Newmark Grubb Knight Frank sprang from a 90-second interview with NGKF Chief Executive Officer Barry Gosin in 1986.

Mr. Waterman, now a vice chairman at NGKF, was fresh out of college and considering a career in law. His mentor, Saul Katz, Sterling Equities’ co-founder and president, shot from the hip and said there were already enough lawyers in the world, and that Mr. Waterman should look into real estate, the field that had minted Mr. Katz’s fortune.

Mr. Katz put Messrs. Waterman and Gosin in touch.

Not quite two minutes into the job interview, Mr. Gosin told Mr. Waterman he was hired, and to immediately start canvassing. “It was my first and only job interview,” Mr. Waterman said. Read More