Market Reports

CBRE Report: East of Broadway a Value Play Downtown

Click to Enlarge: East of Broadway has more inventory than West of the thoroughfare. (CBRE)

Analysts at CBRE found that one of New York City’s most famous corridors divides the hot downtown commercial market between one area with more inventory and another with higher asking rents, according to a report the company will release later today.

While buildings east of Broadway made deals for 1.75 million square feet of leasing activity in the year to date to nearly match the 1.76 million square feet of leasing activity west of the corridor, properties west of Broadway carried average asking rents of $58.14 per square foot to the east of Broadway average of $43.03 per square foot, figures from the report show. Read More

Lease Beat

WeWork Expands Downtown Footprint

A WeWork office interior

Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.

After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More

Manhattan Market Report

Education Sector’s Manhattan Office Space Surges With Monster Deals and Expansions

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Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.

A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown. Read More

Lease Beat

Sentry Centers to Open New Conference Center at 32 Old Slip

32 Old Slip (photo courtesy of CoStar)

Sentry Centers, a company that already operates two conference centers in Midtown Manhattan, has signed a deal to lease a 38,750 square foot space at 32 Old Slip.

In signing the lease, Sentry Centers will unveil its first conference center in the Downtown market, as was first reported by The New York Post

Jared Freede, Rocco Laginestra, and Michael Wellen, all of CBRE,  represented Sentry Centers in the deal. A CBRE team of Robert Alexandre, Doug Lehman, David Maurer-Hollaender, and Bruce Surry represented Old Slip Property LLC and Beacon Capital Partners, the listed owners of 32 Old Slip. Read More

Lease Beat

World Education Services Renews at 1 Battery Park

1 Battery Park Plaza (photo courtesy of CoStar)

World Education Services has re-inked its lease at 1 Battery Park Plaza for another 10 years, The Commercial Observer has learned.

The nonprofit, which serves as a “international credential evaluation service” for international students and job seekers, will continue to occupy its third-floor space at a healthy 26,000 square feet.

CBRE’s Bruce Surry and Patrick Dugan represented World Education Services in the deal. Gene Baumstein of Rudin Management Company, the landlords of 1 Battery Park Plaza, represented the firm in house.  Read More

Lease Beat

Broadway Technology Moves Headquarters to 140 Broadway

Courtesy of NYC Office Spaces

Broadway Technology has signed a sublease for a new headquarters in downtown Manhattan.

The financial tech company will be taking Catlin Inc.’s 13,047 square foot office lease on the 39th floor of Union Investment Real Estate GmbH’s 140 Broadway for five years.

The new office, just north of their previous office at 11 Broadway, will Read More

Power Broker

Stuck in the Middle With You: Jersey to the Left, Downtown Brooklyn to the right, Bruce Surry excels in lower Manhattan

Bruce Surrey.

Bruce Surry stumbled into lower Manhattan much the way he got into brokerage in the first place: by seizing on opportunities as they arose.

It was the mid-1970s and Mr. Surry was a sales executive at Xerox. He was successful at the firm and had risen enough in the company ranks to become manager of one of its main Manhattan branches offices, at 60 Broad Street. Yet there was something repetitive about the corporate life. For years he’d been feeling it and he was more ready for a career change than perhaps even he knew.

An avid poker player, Mr. Surry said he met the legendary brokerage executive Edward S. Gordon, who ran the eponymous brokerage company often referred to simply as ESG, at a late-night card game. They immediately clicked, and Mr. Gordon got to thinking that Mr. Surry could be a valuable member of his burgeoning business.
For one, Mr. Surry knew a host of corporate clients from his time at Xerox, the kind of clientele Mr. Gordon was already trying to cater to by taking a more sophisticated and analytical approach with his brokerage services company—a focus that would eventually make him a pioneer in the business. Read More