Lease Beat

Toy Designer to Move Within Garment District

65 West 36th Street

Toy designer Animal Adventure will start selling its wares out of a new showroom and office in December on the ninth floor of the Sioni Group‘s 65 West 36th StreetCommercial Observer has learned.

The toy company that supplies retailers like Target and Toys “R” Us will relocate from its current space roughly two blocks south at 112 West 34th Street into the new 1,974-square-foot assemblage elsewhere in the Garment District, officials with the Kaufman Organization said. The new location commanded an asking rent in the mid-$40s per square foot, the Kaufman officials said. Read More

Lease Beat

Equity Investment Firm Relocates to Midtown East

350 Madison

Global equity investment company Beacon Light Capital has relocated roughly nine blocks south of its previous location through a seven-year, 7,178-square-foot lease for the entire 22nd floor of RFR Realty’s 350 Madison Avenue, Commercial Observer has learned.


The company moved to a space with two terraces in the structure between East 44th and East 45th Streets from a smaller spread at 1330 Avenue of the Americas between West 53rd and West 54th Streets. Officials at RFR, which purchased the building for $261.5 million last year, touted the building renovations.

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2014 Owners Magazine

Downtown Heavy Hitters Dish at CO Forum

Co Breakfast Panel

Silverstein Properties Chairman Larry Silverstein, CBRE New York tri-state CEO Mary Ann Tighe and the rest of the panel featuring five of Lower Manhattan’s top developers, brokers and tenants shared their assessments of the World Trade Center area’s progress at Commercial Observer’s Owners Magazine breakfast panel yesterday morning at 7 World Trade Center.

Jonathan Mechanic of Fried, Frank, Harris, Shriver & Jacobson‘s real estate department moderated the discussion and Brookfield Property Partners CEO Dennis Friedrich and ad agency vice chairman Andrew Essex of Droga5 also contributed their own upbeat takes on downtown on the week that 1 WTC anchor tenant Condé Nast began occupying the building. Read More

Lease Beat

Hedge Fund to Expand On West 57th Street

142 West 57th Street

Hedge fund manager and global alternative asset management firm the Och-Ziff Capital Management Group will expand into another West 57th Street skyscraper through a 16-year, 15,586-square-foot lease at Metropolitan Tower, Commercial Observer has learned.

The publicly traded American financial firm will grow its footprint to the entire ninth floor at L&L Holding Company’s 142 West 57th Street in January by adding the new digs to go with its current block of more than 100,000 square feet at the Solow Building Company’s 9 West 57th Street one block east, said David Berkey of L&L. Read More

Sales Beat

Vornado Makes Big Midtown Sale, Big UES Retail Buy

1740 Broadway

Vornado Realty Trust has reached an agreement to sell its 601,000-square-foot office building at 1740 Broadway for roughly $605 million and finalized the joint $700 million purchase of the retail condominium on the ground floor of the St. Regis hotel and an adjacent retail townhouse on Fifth Avenue, the company announced this morning.

Company officials will spin off the approximately $483 million in tax gains by reinvesting them in a tax-deferred exchange towards the acquisition of the retail space on the southeast corner of 55th Street, where Vornado closed as the 75 percent partner in the joint buy of the property with Crown Acquisitions. Read More

Mortgage Observer

Brokers and Lenders on the Rise

25 Photos

25 under 35 MO26

What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. 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

Sandy-Exiled Law Firm to Move Back Downtown

90 Broad Street

Full-service law firm DeCorato, Cohen, Sheehan and Federico will return to Lower Manhattan through a 15-year, 18,983-square-foot lease at Princeton International Properties90 Broad Street, Commercial Observer has learned.

Damages from Superstorm Sandy forced the firm out of its longtime home at 110 Wall Street into short-term space in Midtown. But officials with the firm expect to occupy new digs on the entire 14th floor at the property located at Broad and Bridge Streets two blocks from Battery Park in January 2015, CBRE officials said. Read More

Lease Beat

Nonprofit Expands in Midtown East Relocation

685 Third Avenue

The Foundation for the Global Compact, a nonprofit United Nations partner organization, will more than double its office footprint by moving less than a block west from its current digs in the first quarter of 2015. The nonprofit signed a 15-year, 27,235-square-foot lease on the entire 12th floor at TIAA-CREF’s 685 Third Avenue, Savills Studley announced Wednesday.

The organization, which raises awareness about the UN Global Compact and works to create partnerships with businesses and governments, will depart a 9,800-square-foot space nearby and consolidate from space it currently uses at the UN headquarters. Asking rents were $60 per square foot, Savills Studley officials said. Read More

The Lobby

NGKF Beefs Up Retail Brokerage with Seven Hires

NGKF logo

Newmark Grubb Knight Frank has added seven experienced retail brokers from prominent brokerages to its ranks over the past two months, Commercial Observer has learned.

Veteran dealmakers Thomas Citron of Cushman & Wakefield, Matthew Krell of CBRE and Howard Gilbert of RKF headline the migration to NGKF as the firm continues its global growth following its 2011 purchase by BGC Partners. Read More

Mortgage Observer

Koll Scores $158M to Refi Orange County, Calif. Office/ Industrial Park

Airport Business Center

CBRE Capital Markets sourced $158 million from Brookfield Asset Management to refinance the Airport Business Center, an office/ industrial park in Irvine, Calif., Mortgage Observer has exclusively learned.

Brookfield originated the five-year, fixed-rate, full-term interest-only loan, which carries an “all-in interest rate in the low 5 percent range,” according to a representative for CBRE. A Brookfield representative did not respond to a request for comment. Read More