Japanese trading company Sumitomo Corporation of America has signed an 11-year, 98,454-square-foot sublease deal for the entire third and fourth floors at 300 Madison Avenue.
The tenant will relocate from its 74,000-square-foot space at 600 Third Avenue in November. SCOA’s new space at the Brookfield Office Properties’ building is being subleased from CIBC.
Brookfield Properties is prepping to buy the 16-story tower next to Brookfield Place for more than $190 million, The 560,000-square-foot building at 1 North End Avenue is partially occupied by the New York Mercantile Exchange, which built the property in 1997.
NYMEX would reportedly remain in the building but plans to downsize at the location, Read More
Angelo Gordon has tacked on a 34,000-square-foot addition to its office at 245 Park Avenue, The Commercial Observer has learned.
The deal is the firm’s second expansion in the last year. Angelo Gordon initially added about 20,000-square-feet to its 55,000-square-foot occupancy last June bringing them to a total of 74,000-square-feet.
In 2005, CBRE broker Mary Ann Tighe told The New York Times that there had never been a “phenomenon quite like Bob Alexander.” What’s more phenomenal is that the 58-year-old chairman of the firm’s tristate region still ranks among its top brokers, having landed some of the city’s highest-profile deals this year as a lead broker representing Read More
The National Futures Association, the self-regulatory organization for the U.S. derivatives industry, is relocating to One New York Plaza from 120 Broadway after signing a 10-year, 36,000-square-foot lease–the first for the property since it sustained damage during Hurricane Sandy. Asking rents were $49 per square foot.
“As a self-regulatory body, our responsibilities and headcount were increasing,” said Karen Weurtz, spokesperson for the NFA. “Our lease was terminating and we needed more space; this was the time to do it.”
From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.
Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.
Below, a sampling of where power thrives in New York City in 2013.
Food & Drink
Restaurateur Peter Poulakakos has signed on to run the 30,000-square-foot marketplace at Brookfield’s World Financial Center, the New York Post reported yesterday.
Poulakakos is perhaps best known as operator of coffee chain Financier Patisserie but also oversees downtown restaurants Harry’s Café, Harry’s Steak, Adrienne’s Pizza Bar, Ulysses’ and Bayard’s.
“We met with everyone who has the expertise and desire to open a world class market in Manhattan and we were really blown away by Peter’s vision for marketplace,” Edward Hogan, Brookfield’s national director of retail leasing, told The Commercial Observer.
When terrorists detonated a monster bomb in the underground parking garage at the World Trade Center’s North Tower on February 26, 1993, it shook the city with seismic strength.
Six people died and 1,042 were injured in the bombing. But it came before the widespread understanding, blunt as it was, that terrorists wanted to kill Read More
Office provider Regus completed a transaction to acquire 54,991 square feet, the entire 24th floor, at 3 World Financial Center, according to Jerry Larkin, director of leasing at Brookfield. Mr. Larkin declined to discuss terms of the deal.
Regus will build out the space to their current office standards, Mr. Larkin said.
“What attracted them was obviously the numerous renovations to the center, the quality of the dining and shopping that will be coming to Brookfield Place,” Mr. Larkin added. The World Financial Center will be renamed Brookfield Place in fall 2013.
Zero Halliburton Luggage is opening a new location in Midtown.
The luggage designer will be opening a 3,900-square-foot retail location at Brookfield Properties‘ 300 Madison Avenue. The retail space is located on the corner of 42nd Street and Madison Avenue, a block away from the heavily trafficked Grand Central Terminal and Bryant Park.
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More
Year in Real Estate
FEMA spokesperson William Rukeyser described the ad-hoc, jumbled feel of the company’s impromptu space in the Forest Hills Tower like a scene from a hard-hit neighborhood, with hanging wires, antennas strapped to the ceiling, Post-It notes and sheets of paper with various instructions scattered about, and impromptu folding tables holding printers and other office equipment. Most seemed at a loss for words when assessing damages.
“It’s—It’s—It’s just a mess,” Durst Organization spokesperson Jordan Barowitz told The Commercial Observer less than a week after the storm hit, struggling to describe the destruction in Lower Manhattan.
Condé Nast, the mega-publisher behind such magazines as Vogue, The New Yorker and Vanity Fair, holds several events per month at the Lambs Club on West 44th Street, two blocks from its 4 Times Square headquarters. It’s also been known to hold events at Michael’s on 55th Street, and a host of other venues.
Now, with the company having leased over 1.1 million square feet at 1 World Trade Center and saying goodbye to its old quarters, a new posh venue for its gatherings will have to be found, all of which has brokers asking the question: will high-end dining and retail come to Manhattan’s southern tip?
Retailers are hungry for Manhattan retail space at the moment, but lower Manhattan luxury stores may take time, said Steve Rappaport, senior managing director with SINVIN Realty. For that to change, a high-end retailer may need to stake a claim early on and wait for value to grow, Mr. Rappaport said.
Post-Tropical Storm Sandy
One New York Plaza is officially open again – as of this past Saturday – following a shutdown due to tropical storm Sandy. Building owner, Brookfield Office Properties, said that the company has property, casualty and flood insurance and anticipates full coverage of losses. “The storm will have no material financial impact on the company,” the firm said as part of a release.
Hurricane Sandy caused a surge that increased ocean water levels and flooded numerous coastal areas of New York City, including the southern tip of Manhattan where One New York Plaza is located.
“Brookfield’s property operations and maintenance personnel removed all water, restored services and prepared the building for the safe return of tenants,” a Brookfield spokesperson said.
On Thursday, Nov. 1, Virgo Business Centers made 27,321 square feet of temporary, furnished office space available at 14 Penn Plaza. Companies displaced by Hurricane Sandy filed in one by one, and by the following Thursday, the space was full.
“Typically, that process takes about a year,” said Pasha Erkin, director of sales at the company. “It’s all about readiness. You could literally bring me 40 people today, and I could have the space ready tomorrow. All you have to do is walk in, flip on a switch, plug in and start working.”
In that building alone, the company took on 177 employees from displaced companies like Coronet, amfAR, Linda Decorato, Ambrose and others located on the eastern tip of Downtown and other areas hit hard by the hurricane.