Lease Beat

Law Firm Relocating to 250 West 55th Street with 30k Square Feet

250 West 55th Street.

It looks like yet another law firm is headed for 250 West 55th Street.

Watson Farley & Williams has inked a deal for 30,400 square feet for a floor-and-a half at the 38-story building, according to CBRE. The firm is relocated from 1133 Avenue of the Americas and expanding its size in the 15-year lease. Lawyers, paralegals and staffers will occupy part of the 30th floor and the whole 31st floor in the deal. Read More

Lease Beat

Pair of Tech Tenants Moving to 275 Seventh Avenue

275 Seventh Avenue.

Tishman Real Estate Services has signed two tech tenants to its recently revamped 275 Seventh Avenue in Midtown South, Commercial Observer has learned.

ClassPass, which forms a network of online fitness classes, inked a deal for 28,019 square feet, or the whole 11th floor, of the building between West 25th and West 26th Streets, according to landlord representative CBRE. MaxPoint Interactive, a digital advertising company, signed a lease for 10,044 square feet on part of the 17th floor.     Read More

Feature

Phase Two of the DTZ Acquisition of C&W

CO_Voltron_01_LAYOUT_Randy Pollak

When news broke just over a month ago that Cushman & Wakefield—the world’s largest privately held real estate services company—was selling to Chicago-based rival DTZ for about $2 billion, you would have expected waves throughout the industry. But actually, insiders tell Commercial Observer, the combined firms’ new setup—with CBRE alum Brett White helming the Read More

Lease Beat

Investment Firm Moving Three Avenues West in Midtown East

330 Madison Avenue (Photo: CoStar).

American Century Investment Management is relocating next year to 330 Madison—just a quarter of a mile from its current Midtown East office.

The investment firm signed a lease for 41,210 square feet, or the whole ninth floor, of the 40-story tower between East 42nd and East 43rd Streets, according to CBRE, which represented the tenant. American Century is expected to begin its 15-year lease at the beginning of 2016. Read More

Finance

JLL Brokers $130M MetLife Loan for Two Philly Towers

1650 Arch Street in Philadelphia.

CBREI, an investment management affiliate of CBRE, closed the purchase of two Philadelphia office assets with $130 million from MetLife, Commercial Observer has learned.

The two Class A office towers, located in the Center City neighborhood, were purchased for about $200 million. The two floating-rate loans totaling $130 million from MetLife, brokered by JLL, allowed CBREI to complete the purchase.  Read More

The Lobby

DTZ Executive Returns to CBRE After 11 Years

Ralph Giordano.

CBRE has hired Ralph Giordano from DTZ to become a senior vice president of Manhattan office leasing, Commercial Observer has learned.

Mr. Giordano is returning to the brokerage where he got his start, according to CBRE, where he served as a vice president from 1999 to 2004. He’s coming back with a lengthy record of leasing under his belt particularly to corporate clients including Citibank and JPMorgan Chase. Read More

On the Market

Howard Hughes to Market 80 South Street

80 South Street (image: GoogleMaps).

The Howard Hughes Corporation, the real estate development company behind the South Street Seaport’s revitalization, has completed a site assemblage for 80 South Street, Commercial Observer has learned.

According to a spokeswoman for the company, Howard Hughes is marketing for sale or joint venture its interest in the assemblage for 80 South Street, the 8,128-square-foot site that sits on the corner of Fletcher Street by the East River. Last January, Real Estate Weekly reported that Howard Hughes paid $100 million for the site. Read More

Finance

Connecticut Mall Receives $15M Permanent Loan

Playhouse Square

Connecticut landlord and developer HB Nitkin Group nabbed $15 million in permanent financing on their retail center Playhouse Square, according to CBRE, which brokered the loan.

The 10-year loan with a rate of 4 percent has an LTV of 75 percent. The fixed-rate loan from New Canaan, Conn.-based Bankwell Bank has “flexible prepayment terms and a 30-year amortization schedule,” said a representative for CBRE. Read More

Lease Beat

Bank of China Taking Less Space in Its Tower

7 Bryant Park.

Bank of China will take up nearly half of its 30-story, 7 Bryant Park, a move from original plans to take the whole building, The New York Post reported.

The bank will occupy 40 percent of the 471,000-square-foot tower, which it bought late last year $600 billion, according to The Post. About 282,600 square feet of the building, which is between West 39th and West 40th Streets, will be leased out. Read More

Mortgage Observer

Morgan Stanley Refis Midtown Office Building

33 West 46th Street

Morgan Stanley provided a $19.5 million loan to refinance 33 West 46th Street, a Midtown Manhattan office building, according to CBRE, the broker on the deal.

The 38,259-square-foot, 1915 loft office building in Manhattan was sold to an LLC associated with the government of Argentina in 2009 for $11 million, according to city records and a source with knowledge of that deal. CBRE declined to comment on the ownership.  Read More

Power Player

CBRE’s Sacha Zarba: the Go-To Guy for NYC’s Hippest Tech Tenants

Sacha Zarba of CBRE (image: Arman Dzidzovic)

Sacha Zarba knows what tech tenants want.

“Typically, they prefer older building stock,” said the executive vice president at CBRE. “They prefer pre-war, high ceilings, that brick and timber feel, exposed brick, lots of wood. They’re looking for buildings and neighborhoods where their workforce can feel at home. Access to amenities, nightlife, bars, restaurants. They [also] want to be close to where the leading technology firms are, so that they can [capitalize] on that creative vibe,” he said. Read More

Lease Beat

The Marshall Project Doubles Its Office Size

The Marshall Project expects to relocate to the CitySpire Center in Midtown next month.

The Marshall Project, the nonpartisan news organization focused on covering the country’s criminal justice system, has doubled the size of its office to 8,000 square feet at the CitySpire Center in Midtown.

According to CBRE, the Marshall Project has signed a five-year lease for part of the seventh floor at Tishman Speyer’s 156 West 56th Street between Avenue of the Americas and Seventh Avenue. The organization is expected to move into its new space next month from 250 West 57th Street, only blocks away from the CitySpire Center, where it now occupies roughly 4,000 square feet. Read More

Lease Beat

Capital One Teams Up With Food Retailer in Union Square

Rendering of 853 Broadway.

The Feil Organization inked a new 10-year lease with Capital One for 15,000 square feet of retail space across three floors of 841-853 Broadway in Union Square, a person familiar with the matter told Commercial Observer.

The bank teamed up with an undisclosed food retailer to roll out “a new store within a store concept” at the roughly 260,000-square-foot property, that person said on the condition of anonymity. Read More