Just how hot is Lower Manhattan? So hot, so in demand and so desirable that the advertising firm Droga5 (a $100 million business and the 10th fastest growing business in the city) decided to eschew the normal Madison Avenue address for new offices at the World Trade Center.
AKF Group, a consulting engineering firm, is relocating from its office at 1501 Broadway in Times Square to 1 Liberty Plaza in the Financial District.
First reported by The Wall Street Journal, AKF will occupy space on the 22nd and 23rd floors of the 54-story structure owned by Brookfield Properties. The firm signed a 16-year lease at the end of last week for 57,000 square feet of office space.
Bluestone Lane Coffee will open its fourth location by the end of the year in a 600-square-foot cafe space on the ground floor of the 43rd Street side of the Swig Company and Brookfield Properties‘ Grace Building at 1114 Avenue of the Americas, RKF announced Tuesday.
The Melbourne, Australia-inspired espresso and food hub will start operations shortly before chef Gabriel Kreuther and the Teton Restaurant Group inaugurate the chef’s French restaurant scheduled to open doors next year on the Bryant Park side of the building in a two-floor, 15,000-square-foot location. And the coffee shop and cafe should be able to tap into the neighborhoods bustling foot traffic, said RKF managing director Jon Krieger.
Women’s apparel retailer New York & Co. has inked a deal for its new headquarters space at Vornado Realty Trust’s 330 West 34th Street.
The fashion company signed a new lease for roughly 185,000 square feet across four floors at the 18-floor building, relocating from the space it occupied for more than two decades at nearby 450 West 33rd Street.
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.”
Food & Drink
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.
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