Lease Beat

Risk Management Firm Signs Lease at 205 Lexington Avenue

205 Lexington Avenue.

Global risk management firm Lombard Risk has signed a lease for the entire 14th floor at 205 Lexington Avenue, according to a press release issued by Colliers International.

The firm will take 7,318 square feet of space at the property, which sits between East 32nd and East 33rd Streets in Kips Bay. The press release noted that the London-based company is both relocating and merging its New York office at 489 Fifth Avenue between East 41st and East 42nd Streets with its Newark, N.J. office at the new location. Read More

Corporate News

Colliers International Spins Off From Parent Company

Jay Hennick, the founder & chief executive officer of FirstService.

Global real estate firm Colliers International has announced its intention to spin off from FirstService Corp., its parent company and Canada’s largest real estate services provider, according to a report from Bloomberg News.

Seattle-based Colliers anticipates that the spin-off will allow the company to redirect its resources to accelerate acquisitions and overall operate a more efficient business. It will also undergo a name-change, becoming Colliers International Group. Read More

The Lobby

Suzy Reingold Lands At Colliers [Updated]

Print

Suzy Reingold, the former tri-state chief operating officer of Cushman & Wakefield, has moved on to rival brokerage Colliers International, Eastern Region President Joseph Harbert confirmed to Commercial Observer. She is consulting on the firm’s educational programs, he said.

Ms. Reingold departed C&W last December, after a lawsuit alleging gender discrimination that she filed in October of 2013Read More

The Lobby

Cynthia Foster Leaves C&W for Colliers

Cynthia Foster.

Cynthia Foster has joined Colliers International as the president of office services, representing Colliers nationally across the major office service lines, according to a press release issued today by Colliers.

“Cynthia is a strategic addition to our leadership team who further strengthens our investor and occupier services platform,” said Craig Robinson, the president of Colliers International, USA, in prepared remarks. “Her phenomenal background in both capital markets and brokerage gives our clients a unique perspective.” Read More

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