Market Reports

CBRE Report: East of Broadway a Value Play Downtown

Click to Enlarge: East of Broadway has more inventory than West of the thoroughfare. (CBRE)

Analysts at CBRE found that one of New York City’s most famous corridors divides the hot downtown commercial market between one area with more inventory and another with higher asking rents, according to a report the company will release later today.

While buildings east of Broadway made deals for 1.75 million square feet of leasing activity in the year to date to nearly match the 1.76 million square feet of leasing activity west of the corridor, properties west of Broadway carried average asking rents of $58.14 per square foot to the east of Broadway average of $43.03 per square foot, figures from the report show. Read More

Lease Beat

French Bus Tour Company Opens in Midtown

785 8th Avenue.

RDSL Urban LLC, a subsidiary bus tour company of RATP, the French national public transportation authority, has opened a 2,800-square-foot storefront and basement location down the block from other bus tour company competitors for its first business venture in the city at 785 Eighth AvenueCommercial Observer has learned.

CBRE brokers Snezana Anderson, Bernhard Weinstabel, Annette Healy and Alden Alexander negotiated the 10-year lease for the Open Tour company in Icon Realty Management‘s teeming tourist location, Ms. Anderson said. Read More

Lease Beat

German Tourist Agency Renews in Midtown East

122 East 42nd Street

The German National Tourist Office signed a seven-year, 5,000-square-foot renewal for the 20th floor at the Stahl Organization‘s art deco Chanin Building at 122 East 42nd StreetCommercial Observer has learned.

The building with asking rents ranging from the mid $50s per square foot to the upper $60s per square foot will remain the home of the tourism board that markets Germany to prospective tourists in its fourth renewal at the landmarked 1929 office building. Read More

The Lobby

JLL Hires Amanda Bokman for New York Office

Amanda Bokman.

JLL has hired Amanda Bokman as a managing director, Commercial Observer has learned.

Based out of JLL’s New York office, Ms. Bokman will focus on new business development and tenant representation, and will work closely with Robert Martin, the firm’s vice chairman and head of brokerage, according to a press release issued by the company. Read More

Mortgage Observer

CBRE Brokers $82M Refi of Atlanta Office Complex

University Park

An affiliate of DRA Advisors, a pension fund, refinanced their debt on the University Office Park in Atlanta, Mortgage Observer has first learned. The $82 million loan from J.P. Morgan Chase was brokered by Shawn Rosenthal of CBRE.

“The floating rate loan is competitively priced,” Mr. Rosenthal said, declining to provide other terms of the deal. The previous loan had matured, he said. Read More

Lease Beat

SQN Capital Signs Lease at 100 Wall Street

100 Wall Street.

Alternative fund manager SQN Capital Management has signed a 10-year lease for a 7,293-square-foot portion of the 28th floor of Savanna’s 100 Wall Street, Commercial Observer has learned.

Asking rent for the space was $49 per square foot. The tenant will relocate from its current headquarters at 110 William Street. Read More

In the Office

New CBRE Offices Showcase Latest Layout Trends

CBRE Tokyo

After CBRE started the process of leasing 20 new offices for its staff and outfitting them with employee-friendly features like concierge service, flexible work stations and new artwork, the company began a series of surveys to document its employees’ before-and-after responses to the new digs, the company announced this morning.

Professionals at the 44,000-employee, 350-office real estate firm welcomed the new digs, despite the smaller footprints at many of the locations, and CBRE’s two-year push to implement a new office strategy in its offices, entitled “Workplace360,” sheds light on the changing nature of workspaces worldwide, company officials said. Read More

Manhattan Market Report

CBRE Report: Manhattan Office Market on Pace for Record Year

Manhattan Office Market

After a first half of 2014 with 15.5 million square feet of leasing activity, the Manhattan office market is maintaining a pace that could net the most new leasing since 2000, according to new data released by CBRE today.

The Downtown market in particular boomed with vacant office space blocks of 250,000 square feet or greater falling from 10 at the start of the year to five in the new report, but leases, asking rents and absorption rates increased over figures from last year in Midtown, Midtown South and Downtown. Read More

Lease Beat

Securities Training Corporation Leads New Deals at 123 William Street

123 William Street. 123 William Street. (Viewthespace.com)

Securities Training Corporation has signed a long-term, 32,356-square-foot lease at 123 William Street, Commercial Observer has learned.

The tenant, which provides securities licensing preparation courses, will relocate from 17 Battery Place and occupy a portion of sixth and the entire seventh floor of the Lower Manhattan building. The company, founded in 1969, also operates locations in Chicago, Boston, San Francisco, South Florida and London. Read More

Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Assignments

CBRE Tapped to Lease 920 Broadway

920 Broadway. (PropertyShark)

KLM Equities has selected CBRE as the exclusive leasing agent for 920 BroadwayCommercial Observer has learned.

CBRE’s David Kleinhandler, Zachary Freeman, Michael Politi and Zak Snider will market the building’s available floors for lease. The property currently boasts full-floor availability on the fifth through seventh floors, as well as floors 10 and 17, according to a press release. Asking rent for space in the building is in the mid-$70s per square foot.  Read More

Mortgage Observer

Banks Most Active Lenders in Q1, Bolstered by Bridge Loans

Banks are on top. Approximately 42 percent of total commercial lending nationally in the first quarter of 2014 was originated by banks, according to CBRE’s Capital Markets U.S. Lender Forum June 2014 report. Their market share was up from around 26 percent for the whole of 2013, the report showed. Life companies dominated in the first quarter of last year.

Banks have benefited from increased bridge lending, a sector that was up 85 percent from the same period last year and totaled 11 percent of total loans closed in the first quarter of this year, according to the report. Read More

Sales Beat

Prudential, L&L Acquire 511-541 West 25th Street

511 West 25th Street. (PropertyShark)

Prudential Real Estate Investors and L&L Holding Company have acquired 511-541 West 25th Street from the Related Companies in a $160 million joint venture, the buyers announced in a statement yesterday.

The interconnected office properties are located in the shadow of the High Line and boast 200,000 square feet of space and 300 feet of retail frontage. The century-old buildings were renovated within the past two years. Read More