Feature Story

Hightower & Mighty: Real Estate Leasing Catches up with the 21st Century

Co-founders Donald Desantis, Brandon Weber and Niall Smart (from left).

While new technology is constantly transforming existing industries, certain sectors are just a little less eager and slower to adapt than others.

In the real estate industry, some property managers were long resistant to change, even though their jobs revolve around keeping track of intricate data, such as lease dates, vacancies and leasable square footage. Often, they seek to turn the flood of information into trend charts and easy-to-follow patterns. Until recently, much of this record keeping was handled through Excel and, even more shockingly, on paper (one step above the caveman’s drawing)! Now, real estate professionals are finally getting some serious new tech tools, complete with apps and customized interfaces, to handle the management process. Read More

Lease Beat

Private Equity Firm Relocates in Midtown East

477 Madison Avenue

Private equity firm First Atlantic Capital has moved roughly five blocks south through a five-year, 5,278-square-feet lease on the third floor at a JAB Madison Holdings building in Midtown East, Commercial Observer has learned.

The company, which relocated from 135 East 57th Street to 477 Madison Avenue on Oct. 1, joins three other new tenants at the 24-story building. The four companies are leasing a collective 19,184 square feet of pre-built space, which they assumed in the past six months on floors 3 and 23, Cassidy Turley officials said. Read More

Lease Beat

Accounting Firm to Relocate to Madison Avenue

485 Madison Avenue

Certified public accounting and advisory firm Janover LLC will relocate and expand its Manhattan footprint in January 2015 through a 10-year, 14,101-square-foot lease at Jack Resnick & Sons485 Madison AvenueCommercial Observer has learned.

The company with over 100 employees and an additional office in Garden City, Long Island will move its Manhattan office three blocks west from 805 Third Avenue into a full-floor space on the ninth story of the building between East 51st and East 52nd Streets, said Harry Krausman, a principal at Cassidy Turley. Read More

The Lobby

Cassidy Turley Hires Nonprofit Group Co-Leader

Janet Woods

Cassidy Turley hired an experienced broker for charities and foundations to help lead its nonprofit practice group, the company announced last week.

Janet Woods has joined Cassidy Turley as co-leader alongside David Lebenstein to play the same role she formerly served at JLL as a representative for the Girl Scouts of Greater New York, the Children’s Aid Society, the NAACP Legal Defense Fund and other nonprofit clients. Read More

Lease Beat

Numerix Moves to New Space in Silicon Alley

99 Park Avenue.

Numerix, a company that develops software for risk analysis, is moving into a space in Silicon Alley previously occupied by Collective, a technology advertising firm.

When Collective vacates the building for a 58,000-square-foot spread in the old New York Times headquarters on West 43rd Street, Numerix will take over its 31,615 square feet of space at 99 Park Avenue, located between 39th and 40th Streets. The building is owned by Eastgate Realty. Read More

Lease Beat

Three Leases Signed at 30 Cooper Square

30 Cooper Square. (PropertyShark)

Three leases have been signed for a combined 45,500 square feet of space at 30 Cooper Square, according to a release issued by Cassidy Turley.

Cooper Union, a privately funded college with administrative offices in the building, renewed its lease of 26,000 square-feet of space with a term upwards of five years, according to a representative for Cassidy Turley, while two, new 10-year leases have been signed by 72andSunny Partners and S Plus, Inc. Read More

On the Market

Penthouse Office at 277 Park Ave Hits the Market

277 Park Avenue.

For the first time in half a century, the 50,000-square-foot duplex penthouse office at 277 Park Avenue is available for lease, Commercial Observer has learned.

The space, located on the 49th and 50th floors of the building, has been occupied by Continental Grain Company, which is consolidating operations and moving to the General Motors Building. Asking rent for the space is $125 per square foot and occupancy is expected for the first quarter of next year. Read More

Lease Beat

Creative Agency Relocates to 42 West 39th Street

42 West 39th Street. (PropertyShark)

Creative agency 87AM has signed a two-year-10-month sublease from Perry Ellis at 42 West 39th Street, Commercial Observer has learned.

The tenant moved in to its new 10,092-square-foot space on the fourth floor of the building in April. 87AM had previously been based at 321 West 44th Street and in addition to New York, operates offices in Chicago, Las Vegas and Los Angeles. Read More

Lease Beat

Four Leases Signed at 360 Lexington Avenue

360 Lexington Avenue.

An expansion deal for Analytics Partners is among a set of four leases recently signed at AEW Capital Management’s 360 Lexington Avenue, Commercial Observer has learned. The marketing consulting firm, which previously occupied space on the building’s 17th floor, has signed a four-year lease for 4,739 square feet on the 16th floor.

The lease was announced concurrently with a 4,225-square-foot deal for ACCIÓ, the Agency for Competitiveness for Companies in Catalonia, and a 4,218-square-foot lease for Corporate Risk Solutions. The tenant in the fourth deal, an electrical contractor, signed a a 7,986-square-foot lease on the sixth floor and declined to be identified. Read More

Cover Story

Breaking Barriers: Richard Bernstein and Peter Hennessy on Cassidy Turley’s Star Turn

Richard Bernstein and Peter Hennessy. (Photo: Mike Nagle)

“If I could knock this wall down I would,” said Peter Hennessy, pointing through a glass enclosure that separates his office from a row of open workstations within the 42nd floor of Cassidy Turley’s 277 Park Avenue offices.

Mr. Hennessy, the tristate president at the firm, will likely get his wish if Cassidy Turley continues to literally and figuratively break down the barriers that once separated its business lines by expanding the consulting practice that he and Richard Bernstein, the firm’s executive vice chairman and principal, said is crucial to the company’s future. Read More

Lease Beat

Lebenthal Wealth Advisors Inks Helmsley Building Sublease

230 Park Avenue.

Lebenthal Wealth Advisors has signed a six-year, 43,295-square-foot sublease from HSH Nordbank at the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.

The subtenant will sublease the 31st and 32nd floors of the building while HSH Nordbank consolidates and relocates to the 34th floor. The sublandlord, a northern European commercial bank headquartered in Hamburg, Germany, operates its capital markets, shipping and restructuring business units in New York. Read More

Lease Beat

Sixth Tech-Related Tenant Leases at 292 Madison

292 Madison Avenue.

Technology-focused venture capital firm Greycroft Partners has taken the entire 6,035-square-foot 20th floor at 292 Madison Avenue, Commercial Observer has learned. It’s a new lease for the firm, which focuses on investments in early-stage companies, primarily in the digital media sector.

The asking rents were in the high-$50s, according to a spokesperson for the asset manager, Herald Square Properties, which oversees the property on behalf of the landlord, Marciano Investment Group. Read More

Lease Beat

FIT Inks Deal at 333 Seventh Avenue

333 Seventh Avenue. (Credit: PropertyShark)

The Fashion Institute of Technology has signed an 18-year, 55,000-square-foot lease at 333 Seventh Avenue.

The Samco Properties-owned building is located across the street from the college’s campus on West 27th Street and the design school will relocate its administrative there. Asking rent for the property was in the $40s per square foot, according to a statement announcing the deal. Read More

Leasing Report

Nonprofit, Public Sectors See Uptick in Leasing Activity [Updated]

cassidy-turley-logo

The nonprofit and public sectors finished 2013 with a bang when it came to leasing in New York City.

The two sectors leased more than 5.7 million square feet in 2013, a 36 percent increase from 2012, and more than double the space leased in 2011, according to Cassidy Turley‘s 2013 nonprofit and public sectors leasing activity report released exclusively to Commercial ObserverRead More