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

Lease Beat

Fashion Designer Takes Space at 501 Madison Avenue

501 Madison Avenue

Designer Randi Rahm, who has designed dresses for the likes of Beyonce and Carrie Underwood, has signed a 10-year lease for a 6,433-square-foot office and showroom space on the eighth floor of 501 Madison Avenue, Commercial Observer has learned.

The tenant is expected to relocate to the Plaza District property, where asking rents range from $60 to more than $80 per square foot, in June. The landlord, KRW Realty Advisors, assumed responsibility for the build-out of the space. Read More

Lease Beat

Bank, Engineering Firm Take Space in Forest Hills Tower

Forest Hills Tower at 118-35 Queens Boulevard

Signature Bank and Tectonic Engineering & Surveying Consultants have each signed a 10-year lease for space at Muss Development‘s Forest Hills Tower, a 375,000-square-foot office tower in the Forest Hills area of Queens.

Tectonics, a civil and structural engineering firm, and the bank will take a combined 17,782 square feet in the building, at 118-35 Queens Boulevard, which used to be JetBlue’s headquarters, Crain’s first reported. Read More

Lease Beat

Zazoom Signs 55 Broadway Sublease

55 Broadway

Zazoom, an internet-based media company, has signed a 5,521-square-foot sublease from Galen Technology Solutions at 55 Broadway, Commercial Observer has learned. The tenant will relocate from 277 Broadway on a 28-month deal.  

Former WNBC reporters Tim Minton and Jay DeDapper launched Zazoom in 2011 after receiving $125,000 in partial close funding, according to CrunchBase. The company specializes in producing short, topical videos distributed through various partners such as YouTube, AOL and Dailymotion. Read More

Health care

New York’s Life Sciences Industry Grows

Alexandria Center for Life Science

As collaboration between academic research facilities and the life sciences industry increases, New York is quickly becoming a viable alternative to more established lab hubs in San Francisco, San Diego and Cambridge, Mass. But there are still hurdles to overcome.

The issue isn’t talent. New York has the highest concentration of medical research facilities in the country. Nor is it money. In December, the New York Economic Development Corporation established a $100 million early-stage life sciences funding initiative alongside Celgene, GE Ventures and Eli Lilly.

It’s lack of space. Read More

Lease Beat

Evercore Grabs More Space on East 52nd Street

Courtesy of Agorafy

Independent investment banking advisory firm Evercore Partners has signed a lease to expand its offices in New York. 

The firm, which advises clients on mergers, acquisitions, public offerings and other strategic transactions, will add 30,356 square feet to its New York presence, taking the entire 11th floor and a portion of the 12th floor at 40 East 52nd Street. Move-in is expected later this summer. The deal spans the next nine years.  Read More

Lease Beat

Amazon’s Shopbop Expands Again at 230 West 41st Street

230 West 41st Street. (Credit: PropertyShark)

Online fashion retailer Shopbop has expanded by approximately 1,000 square feet at 230 West 41st Street, Commercial Observer has learned. The company, a division of Amazon, now occupies 24,954 square feet at the building.

Shopbop has expanded steadily at 230 West 41st Street since first moving to the 20-story building from Soho in 2012. The tenant initially signed a 13,340-square-foot lease for the building’s entire 19th and 20th floors then nearly doubled its space to approximately 24,000 square feet last year. Asking rent at the building is $48 per square foot. Read More

Lease Beat

Bevmax Office Centers Signs Lease at 485 Madison

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Office space provider Bevmax Office Centers has signed a 10-year, 15,736-square-foot lease at Jack Resnick & Sons485 Madison Avenue.

“The Resnick organization is one of the premier landlords and has a reputation for running extraordinarily well-managed and premier properties,” Rick Feld, the president of Bevmax, told Commercial Observer. “Not every landlord in New York meets that standard.” Read More

Winter Storm

Are Winter Storms Disrupting Real Estate Business in NYC? [Updated]

Another Winter Storm Bears Down On Northeast

It has been just brutal outside, a mess of snow, sleet, rain, ice and slush requiring acrobatic skills to jump from snow mound to snow mound.

While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?

Commercial Observer checked in with some real estate folks to find out.  Read More

Lease Beat

Law Firm Renews Nearly 60,000 SF at Brookfield Place Complex

200

Law firm Richards Kibbe & Orbe LLP has signed a 59,323-square-foot renewal of its headquarters space at 200 Liberty Street, which is part of Brookfield Office Properties‘ Brookfield Place complex in Lower Manhattan.

The firm, which serves the financial and business communities, with offices in New York City, Washington, DC, and London, occupies the entire 28th and 29th floors Read More