Power Broker

Staying Power: Bruce Mosler of Cushman & Wakefield

Bruce Mosler. (Lea Rubin)

The list of chief executives who have stayed involved with a company for a significant period of time after leaving the CEO role is a short one. According to consulting firm RHR International, just 50 percent of departing CEOs stay involved with a company as a member of the board, and even then only for an average period of eight months.

Cushman & Wakefield’s Bruce Mosler has defied those statistics. The real estate firm’s chairman of global brokerage is still at C&W four years after stepping down as chief executive. Read More

C&W Loses Brokers But Retains Agency at 535-545 Fifth Ave.

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Last month, Cushman & Wakefield lost broker Andrew Sachs to Newmark Grubb Knight Frank in what could have been a blow to the firm’s leasing assignment at The Moinian Group’s 535-545 Fifth Avenue. After careful consideration, however, the landlord elected to stick with C&W and Bruce Mosler will lead a new leasing team at the East Midtown building.

“We are sorry to see the old team go,” said Gregg Weisser of the Moinian Group. “We certainly had an opportunity to look at other teams and other companies and we did that but there’s something to be said for feeling comfortable with the people you work with, C&W does that for us.” Read More

Sales Beat

Fortis Plans Mixed Use Maiden Lane Development

A rendering of the development at 151-161 Maiden Lane

Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.

Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.

“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More

Lease Beat

ADCO Group Takes High-End Space at 450 Park

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ADCO Group has signed a three-and-a-half-year, 10,800-square-foot lease for its relocation to Somerset Partners’ 450 Park Avenue.

The 33-story, 334,404-square-foot black granite tower with 10,300 to 10,800-square-foot floor plates stands beside such Class A office buildings as The Seagram Building, Lever House and 500 Park Avenue, likewise catering to top-tier boutique firms who covet full Read More

Lease Beat

Return Path to Relocate in Midtown South

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Digital analytics company Return Path Inc. has signed an 11-year, 23,280-square-foot lease for the entire 41st floor at Charles Cohen’s 3 Park Avenue, it was announced today. Asking rent was in the mid-$60s per square foot.

“This deal clearly demonstrates the strong attraction of prime top-floor office space,” said Mr. Cohen, who also runs Cohen Media Group, a distributor and producer of foreign and independent films, in a prepared statement. “The views, amenities and access to transit at 3 Park Avenue are second to none.” Read More

The Sit-Down

The Moviegoer: Cohen Brothers Realty’s Charles Cohen Talks Real Estate, Predicts Oscar Winners

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Charles Cohen is in the business of creating. As the president and chief executive officer of Cohen Brothers Realty Corporation, Mr. Cohen oversees a portfolio of properties and design centers in New York, Florida, Texas and California. He also executive produced the Academy Award-winning Frozen River and runs Cohen Media Group, a distributor and producer of foreign and independent films. Mr. Cohen’s father, Sherman Cohen, the developer who built CBRC into a powerhouse with his two brothers, died late last month at 91. And while Mr. Cohen politely declined to answer direct questions about his father, he did speak to The Commercial Observer about his legacy when discussing recent developments at the firm and in New York real estate. Mr. Cohen also spoke enthusiastically about the film industry and this year’s crop of new movies, which will be in the national spotlight when the Academy Awards airs this Sunday.

 

The Commercial Observer: In 2011, you told The Commercial Observer that you and the rest of the real estate industry were moving at 25 miles per hour. What was the speed in 2012?

Mr. Cohen: In New York, we’re going twice as fast as last year, but not fast enough. Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More

Cushman & Wakefield Marketing 100,000 SF Being Vacated by Pearson at 1330 Avenue of the Americas

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Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.

Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.

“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty.  “This is a very rare opportunity that allows for top of building signage just outside of Times Square. Read More

REBNY 2013

REBNY Gala 2013: Banquet To Bank On

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It’s described by real estate wheelers and dealers as “the industry’s only must-attend event.” A crippling bout with a stomach virus was the only thing that once kept a 25-year veteran of the affair away. At least one pillar of the brokerage community wants the whole thing disbanded.

The Real Estate Board of New York’s Annual Banquet is back this week at the New York Hilton’s Grand Ballroom, its 117th edition. Food will be served and ignored. Booze will flow and attention will be paid. Award recipients will make acceptance speeches drowned out by a cacophonous crowd that makes the old Yankee Stadium’s bleacher creatures look reserved.

The first Real Estate Board of New York (then the Real Estate Board of Brokers) gala took place on May 12, 1897, at the since-destroyed Marlborough Hotel on Broadway between 36th and 37th Streets. The dinner started with littleneck clams and ended with “fancy ice cream” for the evening’s 50 assembled members and guests. Read More

Power Broker

Brooklyn Buzz: From Spike Lee to Etsy, C&W’s Glenn Markman Has BK Down

Glenn Markman.

Glenn Markman first began to pay attention to Brooklyn long before there was a Barclays Center to crystallize the borough’s rise.

Like so many success stories in real estate, buying in early was key.

Having done deals in Brooklyn for 20 years, Mr. Markman by now is known as an expert in office leasing in the borough, though he is also prolific in Manhattan. From his résumé, there’s no mistaking his prominence as a Brooklyn dealmaker.

In 2008, he represented Spike Lee in finding a Dumbo office for the film director’s advertising company, Spike DDB.

Earlier this year, when the Brooklyn Nets decided to relocate the team’s executive offices from New Jersey to be closer to the new Barclays arena, Mr. Markman, who is a leasing executive at Cushman & Wakefield, led a C&W team that brought the Nets into 35,000 square feet at 15 MetroTech Center in Downtown Brooklyn. Read More

3Q12

3Q12 Data Reveals Lingering Uncertainty

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There was a time when it seemed certain 11 Times Square would command some of the highest rents in city.

The building, which was developed by a venture between SJP Properties and its equity partner Prudential, was finished in 2010. As one of the newest buildings in Midtown, it is widely considered state-of-the-art, with many of the bells and whistles that tenants are supposed to be willing to pay a premium for, such as towering ceiling heights, LEED-certified efficient systems, a floor-to-ceiling glass façade that offers prodigious light and few structural columns to impede the efficiency of its spaces.

Entering the market at a tough juncture during the recession, SJP Properties nonetheless appeared to take a hard line on rents, and rightfully so: the building cost more than $1 billion to develop. According to several sources familiar with the property and its leasing history, the landlord held fast to projections it had set before the downturn—rents in the $80s per square foot and beyond. Read More