Feature

Phase Two of the DTZ Acquisition of C&W

CO_Voltron_01_LAYOUT_Randy Pollak

When news broke just over a month ago that Cushman & Wakefield—the world’s largest privately held real estate services company—was selling to Chicago-based rival DTZ for about $2 billion, you would have expected waves throughout the industry. But actually, insiders tell Commercial Observer, the combined firms’ new setup—with CBRE alum Brett White helming the Read More

On the Market

Star Cinema Building Hits Sales Market for Redevelopment

217-219 West 21st Street.

A partially vacant building in Chelsea is on the sales market for redevelopment or repurposing, Commercial Observer has learned.

Dubbed the “Star Cinema Building,” 217-219 West 21st Street is being shopped around, although an asking price isn’t available at this time. The 13,040-square-foot building is zoned so that it can increase in size by roughly one-third to 19,700 square feet. Read More

Obituaries

C&W Exec Killed in Amtrak Derailment

Laura Finamore.

A Cushman & Wakefield executive has been identified as one of the eight people killed when Amtrak train #188 derailed Tuesday night.

Laura Finamore was a managing director of the corporate occupier and investor services group at C&W in New York City, where she worked since 2008, her family said in a statement. She was on her way back to New York on the ill-fated train after attending a memorial service for her friend’s mother at Arlington National Cemetery, NJ.com reported. Read More

Mergers and Acquisitions

DTZ Buys C&W for $2B; Redundancies Expected

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DTZ
, a global firm which has been a growing force in commercial real estate, is buying Cushman & Wakefield for $2 billion, positioning itself as one of three biggest firms in the world.

The deal is expected to create a combined workforce of 43,000 professionals, according to the brokerages, with annual revenue of about $5.5 billion. C&W will continue its day-to-day operations under its same banner, but insiders worry there might be future redundancies between the companies. The two firms have had a flurry of mergers and acquisitions in the last few years leading up to this deal. Read More

Finance

590 Madison Owner Seeks $650M Loan

590 Madison Avenue.

Plaza District office tower 590 Madison Avenue is shopping for a loan of up to $650 million, a source told Commercial Observer. A loan of that size could be one of the largest to close so far this year, if the landlord can find the funds.

The 42-story property’s owner, the State Teachers Retirement System of Ohio, has retained Cushman & Wakefield to source the funds, a representative for C&W confirmed. Read More

Power Player

It’s a Brad, Brad, Brad, Brad World: C&W’s Brad Mendelson Has Had a Busy Few Weeks

C. Bradley Mendelson (Photo: Aaron Adler/for Commercial Observer).

The life-sized T-Rex dinosaur, 60-foot indoor Ferris wheel and 4,000-square-foot Barbie dollhouse will be leaving their Times Square home at 1514 Broadway between West 44th and West 45th Streets come February 2016.

Toys “R” Us decided not to renew its lease at the Times Square flagship after its lease expires, news Commercial Observer broke a couple of weeks ago. Last Tuesday, Antonio Urcelay, the company’s chairman and chief executive officer, said during a press conference that “the company is still talking with the landlord and suggested it would like to stay in the building if a reasonable rent can be reached,” Chain Store Age reported. Read More

Lease Beat

Samuel A. Ramirez & Co. Extends and Expands Lease Downtown

61 Broadway.

Samuel A. Ramirez & Co. has extended its lease at 61 Broadway between Rector and Morris Streets, Commercial Observer has learned. According to a source familiar with the deal, the securities broker that has been a building tenant since the 1970s extended its lease through 2027. It was set to expire in 2017.

At the end of last month, the firm expanded its 18,000-square-foot lease to 24,000 square feet, Crain’s New York Business reported. The firm will occupy the entire 29th floor of the 33-story building. Another tenant relocated within the building to make the space available, according to a source familiar with the deal. Read More

Lease Beat

Non-Profit Foundation Takes Space Within Plaza District

875 Third Avenue.

The JPB Foundation, a non-profit organization that funds initiatives for a host of causes, has signed a 15-year lease for 30,000 square feet in Midtown’s Plaza District, according to Crain’s New York Business.

The Foundation will move into 875 Third Avenue, a 720,000-square-foot office building between East 52 and East 53rd Streets. Crain’s reported JPB will take the top floor of the 29-story tower and that asking rents were $86 per square foot. It will be relocating from the Solow Building at 9 West 57th Street between Fifth Avenue and the Avenue of the Americas. Read More

The Lobby

Suzy Reingold Lands At Colliers [Updated]

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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

Mortgage Observer

Jet Stream: Life Companies Land in Europe

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Slowly but steadily the European financing landscape is moving towards a U.S. model of lending, where banks are no longer the dominant lenders.

Life insurance companies are among the lenders that have been active in the U.S. for a long time, but only in the last few years have emerged as important players on the other side of the ocean. Read More

The Lobby

Wesley Rudes Named Executive Director at C&W

Wesley Rudes.

Wesley Rudes has been named an executive director at Cushman & Wakefield, according to a press release issued by the company.

Mr. Rudes will work out of Cushman & Wakefield’s Downtown Manhattan office at 100 Wall Street and will work with Frank Cento, one of the company’s executive directors, doing landlord and tenant representation in the downtown market. Read More