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

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]

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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

Lease Beat

Real Capital Analytics Signs 110 Fifth Avenue Deal

Courtesy of Samson Management

Commercial real estate data provider Real Capital Analytics has signed a 10-year, 16,282-square-foot lease at 110 Fifth Avenue. Asking rent at the Midtown South building, which is now 100 percent leased, is $65 per square foot.

“Real Capital Analytics is expanding and is now able to plan for future growth over the next several years while containing their occupancy to one floor,” said Adam Ardise, senior vice president of Cassidy Turley, who represented the tenant, in a prepared statement. “After an extensive search, RCA decided to sign at the first property we ever toured, in part because of its great location and in part because of the Stanford White architectural design.”

Read More

Lease Beat

Limelight Networks Signs Lease at Savanna’s 100 Wall Street

100 Wall Street.

Limelight Networks has signed an eight-year, 4,071-square-foot lease for a portion of the fifth floor at Savanna’s 100 Wall Street, The Commercial Observer has learned.

The new lease follows on the heels of an announcement in October that El Al Airlines, the national airline of Israel, had signed a 10-year, 14,918-square-foot lease on the fourth floor at Lower Manhattan property.

Read More

Lease Beat

Law Firm Signs Huge Renewal Downtown

One Battery Park Plaza

Hughes, Hubbard & Reed has signed a 226,416-square-foot lease at Rudin Management Company’s One Battery Park Plaza – one of the largest Lower Manhattan deals of the year, which follows a surge in demand for big blocks of space.

The international law firm’s 20-year lease spans nearly 11 floors, comprising floors 10 through 18, a 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

Lease Beat

Magazine Trade Group Relocating to 757 Third Avenue

757 Third Avenue

MPA-The Association of Magazine Media has signed a 10-year, 12,199-square-foot lease at RFR Realty’s 757 Third Avenue, The Commercial Observer has learned.

The tenant will pay rent starting in the mid-$50s per square foot, according to data from CompStak. MPA, currently headquartered at 810 Seventh Avenue, will relocate in February when its current lease expires, according to a spokesperson who confirmed the deal. Read More

Lease Beat

Community Health Center Callen-Lorde Inks Deal One Block from Headquarters

(Photo: Callen-Lorde)

Non-profit Callen-Lorde has signed an 11-year, 10,500-square-foot lease at Hakim Organization’s 230 West 17th Street.

The organization, which specializes in providing health care and related services to New York’s lesbian, gay, bisexual and transgender communities, will occupy the fifth floor and half of the fourth.

The non-profit was looking for a space close to the Read More

Lease Beat

Financial Tenants Commit to 527 Madison Avenue

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Three financial services firms have signed leases at Mitsui Fudosan America’s 527 Madison Avenue, according to an announcement this week by Cassidy Turley, the landlord broker.

Nashville-headquartered brokerage Wunderlich Securities signed the largest of the three deals, securing the entire 8,600-square-foot 10th floor for five years. The tenant converted a sublease deal, set to expire in late fall, to a direct lease. Wunderlich, which has offices in 15 states, also operates in Downtown Manhattan at 200 Liberty Street. Read More