Feature Story

Nonprofit Profits: SCO Family of Services Joins Sales Binge

570 Fulton Street

This nonprofit will turn a large real estate profit. When, not if, the SCO Family of Services sells its current foster care and child clinic building at 570 Fulton Street in Downtown Brooklyn, the existing three-story structure will become the site of the area’s latest new tower.

And the nonprofit whose website says it “provides necessary services and unconditional care” to 60,000 children, teens and adults in New York City and Long Island should net a sizeable gain to pay for its operations, joining the ranks of other nonprofits who are cashing in on their real estate despite community concerns over displacement and potential risks involved with disposing of their assets. Read More

Lease Beat

Colliers Inks New Tenant, Two Renewals in Nomad

1140 Broadway

Colliers International booked carpet and rug designers Tai Ping to a new long-term, 3,000-square-foot showroom lease and closed two renewals from existing tenants at the Roos and Cohen families’ building at 1140 Broadway one block north of Madison Square Park between West 26th Street and West 27th Street, Commercial Observer has learned.

Music industry support services company mtheory signed to keep its current 8,500-square-foot space on the fourth floor, while eye-wear designers B Robinson Optical will continue operating out of its 8,500-square-foot location on the 11th floor of the 16-story terra cotta structure with asking rents in the middle to high $50s per square foot where media company F+W also recently snapped up the whole 14th floor, said Colliers executive managing director Michael Joseph. Read More

Multifamily

Supportive Housing: Inside a New $29M Multifamily Project

Concern Bergen site

With three multifamily residences serving low-income tenants and persons recovering from psychiatric disabilities dotting Brooklyn and two more to come elsewhere in Brooklyn and the Bronx, the nonprofit Concern for Independent Living agency and brokers from Colliers International invited Commercial Observer to Crown Heights for an exclusive tour of two sites.

While the 65 supportive studio apartments at Rochester Avenue Apartments at 151-167 Rochester Avenue opened in July 2011, 55 studios plus 33 affordable one- and two-bedroom apartments at 1552 Bergen Street won’t rise from a former industrial parcel a few blocks from the existing facility until next summer. But both developments will count toward Mayor Bill de Blasio’s affordable housing goal and help the nonprofit in its mission, said Elizabeth Lunde, L.M.S.W, Concern for Independent Living’s senior associate executive director. Read More

Power Broker

Down to a Science: John Cahill of Colliers International

John Cahill of Colliers. (Aaron Adler)

As the son of a doctor and a nurse, broker John Cahill may have been predestined to work in the medical field in one form or another. Fresh out of Syracuse University, the New York native first chose pharmaceutical sales as his field of choice.

Initially lacking the required experience, Mr. Cahill spent one year at ADP learning the ropes of a sales role and in the process picking up both his employer’s Rookie of the Year award and an expense-paid trip to Hawaii. Read More

Lease Beat

Two New Deals Signed at 105 Madison Avenue

105 Madison Avenue.

Structural engineering firm GACE Consulting Engineers has signed the larger of two new leases at 105 Madison Avenue, Commercial Observer has learned.

The tenant has signed a 14.5-year deal for the entire, 13,350-square-foot sixth floor of the building. The firm will relocate from its current headquarters at 31 West 27th Street between late October and mid-November of this year, according to Paul Davidson of Newmark Grubb Knight Frank, who represented the landlord, A&R Real Estate. Read More

The Lobby

Pat Breslin Heads to Colliers from Studley

Pat Breslin.

The global head of Studley’s retail practice, Pat Breslin, has joined Colliers International as an executive managing director, Commercial Observer has learned.

The son of famed reporter Jimmy Breslin, Mr. Breslin has been in the industry for 28 years and even served as retail group president of GVA Williams, the predecessor firm to Colliers. He is focusing on retail transaction in New York City and globally at Colliers. Read More

On the Market

Colliers Fielding Suitors for Grand Central Plaza

622 Third Avenue.

The Cohen Brothers Realty Corporation tapped Colliers International to fill 200,000 square feet of space at Grand Central Plaza at 622 Third Avenue, Commercial Observer has learned.

The vacant space on floors seven through 11 and in the former Blue Cross building’s tower already attracted interest from a fashion company, a publishing company, an accounting firm, a consulting firm and two software companies, said Robert Tunis, the Colliers broker who is marketing the space along with colleagues Alex Jinishian, Seth Hecht and Eric Ferriello. Read More

Lease Beat

Talent Partners Takes Two Floors at Cohen’s 475 PAS

Rendering of 475 Park Avenue South

Talent Partners has signed a 12-year, 32,250-square-foot lease for the entire second and third floors of Cohen Brothers Realty Corporation’s 475 Park Avenue South, Commercial Observer has learned. The tenant is expected to relocate from 115 West 18th Street later this year.

As previously reported, 475 Park Avenue South is undergoing a $40 million renovation. The three-year project, set to be completed this year, has included renovations to the building’s curtain wall, lobby, elevators, corridors and bathrooms. Read More

Lease Beat

SoundCloud Opens New York Office

101 Fifth Avenue. (PropertyShark)

Online audio platform SoundCloud has opened its first permanent New York office on the entire 7,080-square-foot fourth floor of 101 Fifth Avenue. The company has signed a five-year deal with rent in the low-$60s per square foot, a source told Commercial Observer.

The tenant signed a lease in January and opened the office this week. Previously, the Berlin-headquartered company operated its New York office out of a temporary space. Read More

Lease Beat

Law Firm Suites Signs Sublease at 830 Third Avenue

Office space at 830 Third Avenue. (Law Firm Suites)

Law Firm Suites, an office space provider catering to law firms, has signed a 12,332-square-foot sublease from LeClairRyan at 830 Third Avenue. Asking rent for the deal, which lasts through November 2018, was $45 per square foot.

LeClairRyan, a corporate law and litigation firm, operates its New York headquarters from space at 885 Third Avenue. The firm moved from its original New York office at 830 Third Avenue following a merger. Read More

Lease Beat

Brand Learning Inks New Lease at 80 Broad Street

80 Broad Street. (Savanna)

Brand Learning has signed a new seven-year, 4,765-square-foot lease at Savanna‘s 80 Broad Street for a portion of the 21st floor, Commercial Observer has learned.

The marketing firm, which is relocating from Jersey City, New Jersey, has a global team of over 150 people and has supported over 120 clients in more than 60 countries across a wide range of industry sectors, with clients that include BacardiBritish AirwaysCadburyColgateHPYahoo! and a long list of other national and international brands. Read More

Lease Beat

Financial Data Firm Consolidates at 90 Park [Updated]

90 Park Avenue

FactSet Research Systems, which provides analytics and content to the financial industry, has consolidated its space and renewed its lease at 90 Park Avenue between 39th and 40th Streets.

The financial data firm will now have 102,000 square feet spanning the entire 7th, 10th and 11th floors of the 1 million-square-foot tower, according to Crain’s, rather than be spread throughout the building. Read More