Lease Beat

Reed Krakoff Moves to 25th Street

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Former Coach designer Reed Krakoff has signed a 26,470-square-foot lease for the entire eighth and ninth floors and a portion of the fourth floor at Brickman’s 40 West 25th Street.

The tenant will pay rent in the low-50s per square foot in the 10-year deal, according to data provided to The Commercial Observer by CompStak.

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Lease Beat

Metropolitan Real Estate Relocating to 650 Fifth Avenue

650 Fifth Avenue

International investment advisory firm Metropolitan Real Estate is moving its New York headquarters from 135 East 57th Street to 650 Fifth Avenue, The Commercial Observer has learned.

The firm signed an 11-year lease for 11,289 square feet, taking the entire 29th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center. 

“We are excited to add Metropolitan Real Estate to the growing list of excellent tenants at 650 Fifth Avenue,” said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company. Read More

Sales Beat

DivcoWest, Brickman Partnership Acquires Midtown South Properties

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A partnership between San Francisco-based DivcoWest and Brickman Associates has purchased a group of office buildings in Midtown South at 24-28 West 25th Street and 40 West 25th Street, it was announced today. The closing price on the portfolio was approximately $115 million.

DivcoWest is entering the New York market for the first time, James Murphy, executive managing director at Colliers, who represented the seller, Yeshiva University, told The Commercial Observer. The firm focuses on assets and markets with a high concentration of technology tenants.

“With the growth of the tech industry, it is the right time to enter the market,” Mr. Murphy said. Read More

Lease Beat

Fab.Com Moves to Lower Manhattan

98 Morton Street. (Courtesy Property Shark)

The fast-growing e-commerce sensation Fab.com is moving to lower Manhattan and doubling its space, The Commercial Observer has learned.

Fab.com is taking 23,500 square feet at 95 Morton Street, a 200,000-square-foot office building owned by the real estate company Brickman Associates. Read More