Lease Beat

CVS Takes 14,274SF Retail Condo at Griffin Court, Recently Sold to Heskel Group for $11.3M


CVS Pharmacy has leased a 14,274-square-foot retail condominium space below Alchemy PropertiesGriffin Court Condominium development at 454 West 54th Street, which was also sold to Heskel Group earlier this month, The Commercial Observer has learned.

The 25-year lease includes 9,000 square feet of street level frontage, set below the eight–story residential towers, where 95 condo units that hit the market in 2010 are roughly 85 percent occupied.

The property is located in the Hell’s Kitchen neighborhood, a first for CVS, and in close proximity to the theatre district. Read More

Fifth Avenue Still on Top, Despite What Study Shows

Joe Sitt, of Thor Equities.

Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More

Lease Beat

LJAF Opens Office in New York

Courtesy of Malkin Properties

The Laura and John Arnold Foundation, a Houston-based nonprofit, is set to open an office in New York in September.

Forbes-listed billionaire John Arnold established the foundation to support criminal justice, education, and public accountability. Their latest work includes the ERIN Project, a powerful tool that analyzes K-12 education in the United States.

LJAF has signed Read More

Lease Beat

Gallery Systems Heading Downtown to 5 Hanover Square

Gallery Systems, Inc. will be heading to the Financial District at Savanna’s 5 Hanover Square.

The collection management and web publishing software solutions provider has signed a lease for a 7,225 square foot portion of the nineteenth floor in the historic building. The lease was set for eight years.

“Gallery chose 5 Hanover Square because Read More

Lease Beat

Rubicon Project Moves New York Home to 183 Madison

(Courtesy of NYC Officspace)

The 257,000 square foot building at 183 Madison will be the New York home to the California-based Rubicon Project.

The Rubicon Project is one the leading advertising technology companies in the world. Its program and platforms connect buyers and sellers through a real time trading marketplace with a transaction volume upwards of 120 billion.

“The Read More

Lease Beat

100 Wall Street Welcomes Hartford Steam Boiler Inspection

100 Wall Street

A global speciality insurer and reinsurer, Hartford Steam Boiler Inspection & Insurance Company, signed a new lease at Savanna’s 100 Wall Street.

The firm was found in 1866 as the “first company in America devoted primarily to industrial safety.” Over the 145 years of service, the firm has grown its inspection force to over 1,200 engineers, inspectors Read More

Lease Beat

Oxford Economics Moves to 5 Hanover Square


The 300,000-square-foot building on 5 Hanover Square, owned by Savanna, will be the new home for Oxford Economics, USA, Inc.

“Oxford currently has an office in midtown but will vacate their current location and relocate to 5 Hanover,” Andrew Kurd, an analyst at Savanna, noted “[It] will be the tenant’s only New York City presence.”

As Read More

Lease Beat

Making It Work! Kaufman Steers Tenants to 1407 Broadway

1407 Broadway

Heidi Klum and Tim Gunn may have strutted into 1407 Broadway last winter, but the building has proven that it’s no prisoner of fashion tenants.

In late 2009, high-end TV pageant Project Runway leased 12,000 square feet in the garment district building for six weeks-even though the Lightstone Group had planned to transform Read More

Body Break

Empire State Building Race Ends With Backslapping All Round

There are few events The Observer looks forward to each year more than the annual brokers’ race to the top of the Empire State Building. There is nothing that caffeine-fueled cubicle rats like ourselves do better than chide others’ athletic accomplishments.

Our congratulations, of course, go out to Cushman & Wakefield’s Matthew Siegel, the sprightly Read More