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

Cover Story

Why a Merger Wave Washed Over Manhattan CRE in 2014

TOP DOGS: Savills Studley’s Mitchell Steir; Massey Knakal Realty Services’ founders Paul Massey and Robert Knakal; 
and Peter Hennessy, the president of the New York Tri-State Region at Cassidy Turley (from left).

On New Year’s Eve, Cushman & Wakefield closed on its acquisition of Massey Knakal Realty Services, thereby finishing the last big commercial real estate merger in a 2014 full of them.

Other large-scale takeovers included DTZ’s acquisition of brokerage Cassidy Turley (which followed private-equity firm TPG Capital’s takeover of DTZ, a property services firm); and London-based brokerage Savills’ acquisition of New York tenant-rep brokerage Studley. CBRE, the city’s biggest commercial brokerage, also acquired 10 different firms worldwide, including real estate consultancy IVI International, which is based in White Plains. Read More

Lease Beat

AMC Networks Expands to 330K SF at Vornado Property

11 Penn Plaza

AMC Networks and Vornado Realty Trust have signed a deal so large that even Don Draper would be impressed.

The cable television and movie programmer behind shows like “Mad Men” and “Breaking Bad” and seven TV channels has agreed to a renewal and expansion lease for 330,000 square feet at 11 Penn PlazaCrain’s New York Business reported last week. The deal will grow AMC’s footprint by 40,000 square feet at the 1.1-million-square-foot building on the east side of Seventh Avenue between West 31st and 32nd Streets. Read More

Mortgage Observer

C&W to Buy Massey Knakal For $100M: Source [Updated]

Cushman & Wakefield is rumored to be close to purchasing investment sales and mortgage brokerage Massey Knakal Realty Services in its entirety for $100 million. A source with knowledge of the deal said the purchase should close on New Year’s Eve.

New York-based Massey Knakal had hired financial services firm Perella Weinberg Partners to sell either a 49 percent stake in it or the entire firm last month, according to previous reports. Read More

Lease Beat

WeWork Books 12th NYC Location

205 East 42nd Street

Office space provider WeWork signed a 15-year, 125,000-square-foot lease at the Durst Organization‘s 205 East 42nd Street in Midtown East, the Durst Organization announced today.

The new deal gives the growing workspace-renting company its 12th location in the city, with a 13th set to open in Brooklyn’s Dumbo neighborhood soon. WeWork took seven floors, including the 21st-story penthouse, at the East 42nd Street property that carried asking rents of $58 per square foot, according to Crain’s New York Business, which first reported the deal. Read More

Lease Beat

Retirement Planners on the Move in FiDi

40 Wall Street

Retirement plan management firm Cammack Retirement Group will relocate its Financial District headquarters in the spring of 2015 through a 15-year, full-floor lease at the Trump Organization‘s 40 Wall Street, brokers involved with the deal announced yesterday.

The firm that manages or consults on assets worth over $67 billion collectively, according to its website, will move from 2 Rector Street to a 9,248-square-foot space on the 56th floor, officials with Savills Studley said. Read More

Lease Beat

Urban Compass Doubles its Space in the Flatiron District

90 Fifth Avenue

Technology-centered residential real estate brokerage Urban Compass has doubled its floors and square footage at RFR Realty‘s 90 Fifth Avenue after officials at Urban Compass discovered that the 25,000 square feet it leased this past summer wouldn’t suffice for its growing staff.

The company’s previous lease covered spaces on the third and fourth floors of the 140,000-square-foot building between West 14th and West 15th Streets, but the new deal will extend the company’s space to the fifth and sixth floors and grow its footprint onsite by an additional 25,000 square feet once Urban Compass starts moving into the space in December, RFR officials said. Read More

Mortgage Observer

Brokers and Lenders on the Rise

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What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Lease Beat

Small Biz Lender Subleases in Chelsea

333 Seventh Avenue

Small business loan provider QuarterSpot has moved from the Financial District to Chelsea through an 18-month, 3,844-square-foot sublease at Samco Properties‘ 333 Seventh Avenue, Commercial Observer has learned.

The company has taken over space that the nonprofit Human Rights First organization vacated late this summer, grabbing a portion of the 14th floor of the property where asking rents ran for $30 per square foot, said Gabe Whitman, a former Cushman & Wakefield broker who started his own eponymous tenant brokerage in May. Read More

World Trade Center

PA to Vote on 1 WTC Pre-Built Expansion Wednesday

1 WTC pre-built space

The Port Authority of New York & New Jersey will vote on a proposal Wednesday to invest an additional $23.5 million into the Durst Organization‘s pre-built program for smaller office spaces at 1 World Trade Center, according to a board meeting agenda posted on the agency’s website last week.

The proposal would pay for one full additional floor of divided spaces under 20,000-square-feet plus multi-tenant renovations on 10 floors in the building with an octagonal floor plan and plates between 32,000 and 48,000 square feet, according to the agency. Recent leases for Cushman & Wakefield, the Westfield Corp., Legends Hospitality and BMB Group in spaces ranging from 2,191 square feet to 12,000 square feet show the success of the approach in the 3-million-square foot skyscraper, said Jordan Barowitz, Durst’s director of external affairs. Read More