Stat of the Week
There are currently 89* contiguous blocks of 100,000 square feet and greater on the market.
As with most things in the world today, there is a caveat—and this is where that asterisk comes into play. This total number of 89 includes eight available blocks of space in buildings that are under construction. Compare that with 2010, when 78* such spaces existed (including five blocks under construction), and it is clear that today large blocks continue to be an impediment on market recovery.
MetLife has refinanced a portion of the Shopping at Bay Plaza in the Bronx, where the largest retail complex in the city is located. Prestige Properties, the owner of the 1.3 million square feet of retail, residential and office spaces is currently in the process to expand the area up to about 2 million square feet by 2014.
Cohen & Steers, a investment portfolio management firm that invests in global real estate securities and large cap value stocks, among other securities, has renewed its lease for 87,000 square feet for three floors at 280 Park Avenue, The Commercial Observer has learned.
The firm, which is currently on the 10th, 19th and 20th floors in the building, has extended its lease for 10 years, according to a person familiar with the deal. Asking rent for the building is in the low $100s-a-square-foot.
SL Green Realty Corp and Vornado Realty Trust partnered together in 2011 to assume $400 million in debt for the 31-story office building. Representatives for both firms worked on the deal in-house.
Michael Lehrman thinks the commercial real estate services business is completely staid, calcified, old-fashioned.
He doesn’t use those words specifically. He’s a little more eloquent. He’s a Wall Street man now, and to him it’s practically laughable when major real estate services firms claim to be cutting edge when the heart of their analytical capacity is still rooted in the decades-old practice of collecting troves of market data and organizing them into endless charts in order to divine tomorrow’s market conditions.
Apartment investors dismiss the notion that houses for rent will compete for their tenants. They should think twice. Institutions ranging from the largest investment banks to the smallest private equity investors are lining up behind policymakers who see things differently. The financing structures necessary to support the new market are under development, even though the implications for housing are ambiguous and the realtors have voiced objections.
Credit Agricole has renewed approximately 350,000 square feet at 1301 Avenue of the Americas in one of the largest leases to get done in the second half of 2011.