The Lobby

Industry Vet Corey Abdo Joins Coldwell Banker Commercial Alliance

Corey Abdo

Veteran Manhattan broker Corey Abdo has joined Coldwell Banker Commercial Alliance as an executive managing director of leasing and sales in its New York City offices, Commercial Observer has learned.

Mr. Abdo, who has negotiated more than two million square-feet of real estate transactions over a career spanning 25 years, will continue to provide both owner representation and tenant advisory services to clients throughout the Metropolitan area. Read More

Mergers and Acquisitions

Coldwell Banker Commercial Alliance Acquires Tarter Stats O’Toole

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Coldwell Banker Commercial Alliance has acquired commercial real estate brokerage Tarter Stats O’Toole, The Commercial Observer has learned. The firm, which specializes in landlord representation, has joined CBC Alliance’s growing New York office.

The deal is the result of a year of work, during which CBC Alliance evaluated a number of firms for potential acquisition. In the end, it was TSO’s track record of performance and growth in agency work which led to advanced discussions.

Read More

Lease Beat

Architecture Firm Signs Deal at 31 Penn Plaza

31 Penn Plaza

Architecture firm RMJM has signed a seven-year, 5,085-square-foot lease on the sixth floor at 31 Penn Plaza, the landlord announced earlier this week.

Headquartered in Britain, RMJM operates offices worldwide, including Hong Kong, Edinburgh, London, Abu Dhabi and Bahrain. The firm’s portfolio includes a number of high profile projects, such as the New Scottish Parliament in Edinburgh, the Gazprom Tower in St. Petersburg and the banking headquarters for China Merchants Bank in Shanghai. Read More

Lease Beat

Enclos Corp Expands at the Empire State Building

(Credit: Al Barbarino)

Enclos Corp., a façade engineering, design and manufacturing firm, has expanded at the Empire State Building, signing a five-year, 4,705-square-foot lease on the 76th floor. Asking rent for the pre-built space was in the mid-$50s per square foot.

“Taking more space at the Empire State Building is an important statement for any nationally-based company,” said Thomas Sullivan, executive managing director at Coldwell Banker Commercial Alliance, who represented the tenant, in a prepared statement. Read More

The Lobby

CBC Alliance Forms Asset Management Division, Hire Steve Pressler and Joanne Agoglia

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Coldwell Banker Commercial Alliance is launching an asset management division and has hired Steve Pressler and Joanne Agoglia to lead it, The Commercial Observer has learned. The team will provide management and leasing services to local landlords.

Mr. Pressler and Ms. Agoglia have worked together for over 20 years, and have leased and managed buildings including 509, 590, 609, 720 and 724 Fifth Avenue; 803 and 824 Madison Avenue; and 180-182 Broadway. Read More

Lease Beat

ComiXology Expands in Gotham City With Lightning Speed

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ComiXology seems to be growing with the speed of The Flash as it expands its footprint across Gotham City with another space upgrade and relocation to 512 Seventh Avenue.

The 7-year lease for the 21,945-square-foot office, between 37th and 38th Streets, is the third lease the company has signed in the city – since it was founded in 2007 – as it accommodates for continued growth.

“They are growing very rapidly and have a terrific app that is really just controlling the market,” said Michael Okun, a senior managing director at Coldwell Banker Commercial Alliance, who represented the tenant in all three leases, noting that asking rents at the new space were in the mid-$40s per square foot prior to negotiations. Read More

Lease Beat

Rock Shrimp Productions Inks Deal At 115 Broadway In Latest Media Move Downtown

115 Broadway

Rock Shrimp Productions signed a lease for a 10,000-square-foot second floor space at 115 Broadway, between Thames and Cedar Streets, the latest evidence of media and tech migration to Lower Manhattan.

The company behind several series featuring chef Bobby Flay (Boy Meets Grill, Throwdown) is moving from Hudson Square, a neighborhood more often associated with production and technology firms.

Michael Okun and Peter Sabesan of Coldwell Banker Commercial Alliance represented the tenant. Brad Gerla and Adam Foster of CBRE represented the owner, Capital Properties. Read More

Lease Beat

Bon Bé Bé Latest Children’s Clothing Companies to Ink at 34 West 33rd Street

34 West 33rd Street

Bon Bé Bé, a division of International Intimate Holdings, Inc., has signed a 10-year lease for 10,157 square feet of office space at 34 West 33rd Street, a building also known as The Childrenswear Center, The Commercial Observer has learned.

The asking rent for the new space was $39 per square foot and occupancy is anticipated for December 2012.

Coldwell Banker Commercial Alliance Principals Richard Selig and Peter Sabesan represented the tenant in the transaction. Read More

Lease Beat

Miraclebody and Mainstream Swimsuits Join Fashionable Crowd at 250 West 39th Street

250 West 39th Street.

Mainstream Swimsuits and sister-company Miraclebody, the denim manufacturer that claims weight loss as a virtue, have inked a 7,500-square-foot deal for two spaces at 39 Street Fashion Center.

Miraclebody will renew its lease on the 11th floor of 250 West 39th Street, the asset’s formal address, and Mainstream Swimsuits will relocate the design department to the building’s third floor, brokers told The Commercial Observer. Read More

Power Broker

Out With The Old: Coldwell Banker Commercial Alliance Hits New York

Selig and Sableson.

The New York office of Coldwell Banker Commercial Alliance—a franchise of Coldwell Banker Commercial—is so new that the sign outside its Midtown offices still bears the name of its previous iteration, Coldwell Banker Commercial Hunter Realty.

For the moment, a simple printout taped over the old plaque lets visitors know they’ve found the right spot. Yes, it’s that new.

Waterfall Asset Management announced in July that it had acquired the location, which was founded as Hunter Realty by industry veterans Richard Selig and Peter Sabesan roughly 14 years ago. When you factor in that Messrs. Selig and Sabesan worked for the Helmsleys, and that Coldwell Banker Commercial is itself a franchise system owned by Realogy Corp.—owner of Sotheby’s International Real Estate, Century 21 Real Estate and the Corcoran Group, among others—you almost need a flow chart to untangle it all. Read More

Postings

Six Degrees of Waterfall Asset Mgmt.

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Earlier this month, Waterfall Asset Management, a specialist manager of high-yield asset-backed securities, announced its acquisition of Coldwell Banker Commercial Hunter Realty, an independently owned and operated affiliate of Coldwell Banker Commercial, which itself is a franchise system owned by Realogy, the parent company behind Sotheby’s International, the Corcoran Group and Century 21, to name only a few of the dozen or more entities the corporation controls. Confused? So was The Commercial Observer, which is why we took it upon ourselves last week to untangle the many entities now intertwined with Coldwell Banker Commercial Hunter Realty—which, just to add another level of complication, will now be called Coldwell Banker Commercial Alliance. Below, the interests and investments of Realogy and Waterfall Asset Management Read More