Lease Beat

Law Firm Renews Nearly 60,000 SF at Brookfield Place Complex

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Law firm Richards Kibbe & Orbe LLP has signed a 59,323-square-foot renewal of its headquarters space at 200 Liberty Street, which is part of Brookfield Office Properties‘ Brookfield Place complex in Lower Manhattan.

The firm, which serves the financial and business communities, with offices in New York City, Washington, DC, and London, occupies the entire 28th and 29th floors Read More

ICSC 2013

Retail’s Redemption

(An interior rendering of the retail space slated for Brookfield Place)

More than a decade ago, with just 30,000 people living south of Chambers Street and the neighborhood largely silent at night and on the weekends, high-end, luxury retail in lower Manhattan was at best a pipedream and at worst a failed enterprise. 

Today, with some $20 billion being spent on new construction between the upper stretches of Battery Park City and Broadway, the residential community has doubled to 60,000 and continues to grow. That affluent community of residents, not to mention increased tourist traffic, has upped the demand for luxury retail.

Burberry, Hermès, Ferragamo, Michael Kors and Zegna are some of the luxury names to have signed on at Brookfield Place, while J. Lindeberg and Tory Burch head the list of names rumored to be in talks for space at Westfield’s World Trade Center retail corridor.

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Lease Beat

Brooklyn’s City Point Lands First Office Tenant

A rendering of City Point

Artist management and creative content agency Art Partner has signed a 15-year lease to occupy 10,000 square feet at the City Point in Downtown Brooklyn, becoming the development site’s first office tenant.

The agency, whose services include production, syndication and licensing for print, film, social media and more, plans to relocate from its Hudson Square Read More

Cover Story

Downtown Manhattan, Uptown Chic

(Photo: lowermanhattan.info)

Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.

It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping destination Downtown. Read More

3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

Read More

ICSC 2013

Minute By Minute: The First Day and a Half at the International Council of Shopping Centers RECon Expo

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On Sunday night at the MGM Grand Garden Arena in Las Vegas, Taylor Swift and Justin Bieber made the fans squeal and the paparazzi snap. But just off the strip, at the Las Vegas Convention Center, the real action got underway with the start of RECon. Below, The Commercial Observer’s
reconnaissance work at The Global Real Estate Convention, where 35,000 registered attendees are helping to shape the future of retail real estate. Read More

ICSC

Retail’s Big Renaissance

cover for web

With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.

High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.

“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”

Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village. Read More