Lease Beat

Hedge Funds to Move to New Boston Properties Building

250 West 55th Street

Two hedge funds will relocate in the first quarter of 2015 to the 30th floor of Boston Properties‘ newly-minted building at 250 West 55th Street through respective seven-year leases, Commercial Observer has learned.

Twin Capital Management will move to a 5,630-square-foot space at the building between Broadway and Eighth Avenue from its current office at 140 East 45th Street near Grand Central, while Glazer Capital will switch to a new 5,230-square-foot footprint at the new 39-story Skidmore Owings & Merrill from its spread at 623 Fifth Avenue, sources close to the negotiations told CO. Read More

The Lobby

CBRE Veteran Broker Eric Yarbro Joins Colliers

Eric Yarbro

Colliers International added Eric Yarbro to its team as an executive managing director on Dec. 9, Commercial Observer has learned.

Mr. Yarbro, who was previously a senior vice president at CBRE, arranged over $500 million in transactions during his 27 years there, he told CO. The office leasing agent who has represented clients like General Motors, AOL, Eastman Kodak, Prudential Financial, Fifth Third Bank, Western Union, Teachers Village, and Servcorp now joins a new team. Read More

Mergers and Acquisitions

CBRE Acquires Real Estate Consulting Firm IVI International

The CBRE Headquarters at 200 Park Avenue.

Commercial real estate services and investment firm CBRE has acquired IVI International, a construction, property condition and environmental consulting company, according to a press release issued by CBRE.

In a prepared statement, CBRE noted that IVI International, founded in 1973 and based in  White Plains, N.Y.,  has provided consulting services to lenders and equity investors on more than $50 billion of real estate projects around the world. The firm’s high-profile domestic projects include the Wynn Las Vegas, the Time Warner Center, One57 and the Empire State Building. The firm has also done work throughout South America, Europe and Asia. Read More

Feature

Retailers Ring in Holidays While Trotting Out the New

Rockefeller Center

Like visions of sugarplums dancing before a retailer’s eyes, cash-dripping tourists are streaming into the city this holiday season. And these shopkeepers are offering the tourists a few visions of their own.

From the window displays of the big-name department stores to the Union Square Holiday Market and the latest new offerings in Soho, ‘tis the season to be jolly for New York City retailers. Read More

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.

Read More

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