Assignments

C&W Wins Citigroup Assignment

388-390 Greenwich Street.

Citigroup has hired Cushman & Wakefield to manage its real estate portfolio in the U.S. and Canada, according to The Wall Street Journal.

The real estate services company will assume responsibility for the investment bank’s 27 million square feet of office, retail and data space from JLL, which chose not to bid on the contract when it came up for renewal, the Journal reported. The assignment includes Citigroup’s headquarters at 388-390 Greenwich Street in Tribeca, which is triple-net leased to the bank through 2035. Read More

Lease Beat

Winton Capital Signs Lease at the Seagram Building

375 Park Avenue.

Winton Capital, a U.K.-based investment management firm, has signed a 4,100-square-foot lease at the RFR Realty-owned Seagram Building at 375 Park Avenue, Commercial Observer has learned. The tenant will take pre-built space on the 36th floor of the Plaza District property.

Headquartered in London, Winton Capital was founded by David Harding in 1997 and boasts approximately $24 billion in assets under management. The Wall Street Journal first reported the fund’s plans to open a New York office earlier this year.  Read More

Lease Beat

RCM Technologies Takes Space at Cohen Brothers’ Storied Westchester Complex

333 Westchester Avenue.

Technology company RCM Technologies is relocating its Westchester County offices to Charles Cohen’s 333 Westchester Avenue.

The company, which has 25 offices in metros across North America, including one at 575 8th Avenue in Manhattan, signed a 9,000-square-foot lease for a portion of the second floor in the East Building of the 39-acre, 500,000-square-foot White Plains office campus. Read More

Lease Beat

The Yard Brings 157 Columbus Avenue to Full Occupancy

150

The Yard has signed a long-term lease at The Brodsky Organization’s 157 Columbus Avenue, bringing the building to full occupancy after a renovation first reported in Commercial Observer paved the way.

The coworking space provider will occupy 28,638 square feet on the entire fourth and fifth floors, and the lease follows four tenants that recently completed transactions that followed the renovation: Fusion Learning leased 14,319 square feet, CrossFit leased 11,116 square feet, Citi Habitats leased 8,335 square feet and Quinlan Development leased 5,984 square feet. Read More

Lease Beat

Global Advisory Firm Inks Deal at SL Green’s 1350 Avenue of the Americas

1350 bldg shot

Global advisory and investment banking firm Seabury Advisors Holdings LLC has signed a seven-year lease renewal covering 13,065 square feet across the entire 25th floor at SL Green Realty Corp.‘s 1350 Avenue of the Americas, Commercial Observer has learned.

The 35-story, 595,000-square-foot tower is situated in the heart of the Plaza District, offering sweeping Central Park views. Read More

Mortgage Observer

So They Say: Former NYPD Commissioner Raymond Kelly Talks Safety and Surveillance

Raymond Kelly

Taking a cue from his prior boss, former New York City Police Commissioner Raymond Kelly stepped into the private sector in March, joining the country’s third largest commercial real estate services firm, Cushman & Wakefield, in a new role helping global clients “manage and mitigate risks.” Mortgage Observer looks back on some notable quotes from the controversial police head of 12 years.

Read More

Lease Beat

Relativity Media Inks 315 Park Avenue South Lease

315 Park Avenue South.

Beverly Hills-based studio Relativity Media has signed a lease for its first New York location, Commercial Observer has learned. The studio signed a 10-year deal for the entire 16,874-square-foot second floor at Spear Street Capital’s 315 Park Avenue South and will pay rent starting in the mid-$60s per square foot.

Founded in 2004, Relativity Media is best known as a producer and distributor of films and television programs. Among other credits, the company has been involved as producer or distributor for The Social Network, The Fighter and Act of Valor. Read More

Tech Beat

Honest Buildings Launches iPad App

Screenshot of the new Honest Buildings app

Connection engine Honest Buildings has launched a free iPad app for real estate service pros who have submitted projects on the website so they can share their work in real-time on-the-go to prospective clients, Commercial Observer has learned.

“We kept getting examples of people’s work in the PDF two-page document that every vendor in the real estate industry has to showcase what they have,” said Riggs Kubiak, the company’s CEO. “We thought we could drastically improve that experience.” Read More

Lease Beat

Kanematsu USA Signs 500 Fifth Avenue Lease

500 Fifth Avenue.

Kanematsu USA, the U.S. subsidiary of the Kanematsu Corporation of Japan, has signed a lease for the entire 10,914-square-foot 29th floor at 500 Fifth Avenue, the landlord’s broker announced today.

The tenant, a large trading company, operates a number of business areas including electronics, steel and metals, food products, chemicals, textiles, and aerospace. The company signed a 10-year lease at 500 Fifth Avenue, according to The Wall Street Journal, which first reported the deal. Read More

Lease Beat

Muss Development Buys Retail Condo, Simultaneously Lands Le Pain Quotidien

(Credit: Toll Brothers)

Muss Development has purchased a retail condominium at the base of Toll BrothersTouraine luxury residential building on the Upper East Side for $12 million, and construction is already underway to outfit the space for a new Le Pain Quotidien.

The build out of the 5,000-square-foot retail condominium at 865 Lexington Avenue (aka 132 East 65th Street) will take approximately three months to complete, at which point the European cafe chain will move into its 31st Manhattan location, Jason Muss of Muss Development told Commercial Observer. Read More

Power Broker

Family Matters: Tara Stacom on 1 World Trade Center

Tara Stacom. (Credit: Cushman & Wakefield)

The Stacom name has become almost synonymous with the country’s biggest real estate projects and deals. The foundations of that reputation were laid back in 1962 when the late Matthew Stacom brokered the sale of the development site that would become the Sears Tower, the Chicago office property that would later be declared North America’s tallest building.

Mr. Stacom’s daughters, Tara and Darcy, grew up with a constant reminder of their father’s landmark transaction: a photo of the Sears Tower on the wall of the family’s home. Read More

Sales Beat

RFR Picks Up Macklowe’s East 72nd Street Retail Condo for $19.9M

150 East 72nd Street

Macklowe Properties has sold the retail condominium at the base of its residential condominium conversion at 150 East 72nd Street to RFR Realty for $19.9 million, Cushman & Wakefield, the firm that represented Macklowe in the deal, announced.

The building, on the southeast corner of Lexington and 72nd Street, is configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space with 900 square feet of below-grade space and more than 150 feet of retail frontage on two major thoroughfares. Read More