Lease Beat

Coral Reef Fund Migrates to Rock Center

45 Rockefeller Plaza

Worldwide energy investment company the Coral Reef Fund has relocated its headquarters roughly five blocks west to Tishman Speyer‘s 45 Rockefeller PlazaCommercial Observer has learned.

The company, which invests in oil, gas and other natural resources, moved last month from a smaller space at 757 Third Avenue by signing a 4,940-square-foot lease for a suite on the 23rd floor in the property that’s also known as the International Building and 630 Fifth Avenue, officials with Colliers International said. The space commanded an asking rent of $72 per square foot, they noted. 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

Lease Beat

Cure Urgent Care Prescribes New Location at the Monterey [Updated]

Cure Urgent Care

Cure Urgent Care will open the growing chain’s third location next spring at the Monterey apartment building on the Upper East Side, Commercial Observer has learned.

The company, which also offers walk-in clinic care at locations on Long Island and the Upper West Side, signed a 15-year, 2,900-square-foot lease to occupy a ground floor space in the 521-unit rental property that Rubin Schron owns at 175 East 96th Street. The building that’s between Lexington and Third Avenues commanded asking rents of $145 to $150 per square foot, officials at Cure said. Read More

Lease Beat

Orthopedic and Sports Medicine Group to Relocate in Midtown

57 West 57th Street.

The Mount Sinai Hospital-affiliated Manhattan Orthopedic & Sports Medicine Group will grow its Manhattan footprint in the spring by moving from a temporary Midtown location to the Cohen, Carmel and Getreu families’ 57 West 57th StreetCommercial Observer has learned.

The medical group that also has a Long Island City location signed a long-term lease for the entire 10,315-square-foot 15th floor of the 20-story property, said officials with Colliers International. Read More

Making History

Broker-History Buff Leads Financial District Tour

Richard Warshauer

Colliers International’s Richard Warshauer will partner with his friend from the Horace Mann School, attorney and historian James Kaplan, and the Museum of American Finance on the pair’s 27th annual Great Crashes walking history tour of Lower Manhattan tomorrow afternoon.

The three-hour tour starts at the museum and traces the history of the financial industry in the neighborhood from Henry Hudson to John D. Rockefeller, J.P. Morgan and the Panic of 1907, up to the Great Crash of 1929, the stock market collapse of 1987 and the 9/11 tragedy through visits to the actual historical location of the events. Read More

Lease Beat

Online Supermarket To Open Second Retail Location

318 West 39th Street

Hybrid grocery store and one-hour delivery service MaxDelivery will open its second retail location in the second quarter of 2015 through a 9,800-square-foot lease on the ground floor of the Gural family’s 12-story building at 318 West 39th Street between Eighth and Ninth Avenues in the Garment District, Commercial Observer has learned.

The company that already services Lower Manhattan from a location at 51 White Street in Tribeca will expand its combined physical store and online ordering operation into a space formerly occupied by a dress store where the asking rents run for $75 per square foot, said Scott Edlitz, a senior managing director at Colliers International. Read More

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