Lease Beat

Cushman & Wakefield Opens Downtown HQ in 1 WTC

Base of One World Trade Center

Cushman & Wakefield, the exclusive leasing brokers for One World Trade Center, opened a downtown headquarters Monday through a 10-year, 10,222-square-foot lease on the 45th floor of 1 WTC, the firm announced yesterday.

The firm that maintains its global headquarters in Midtown now boasts an office footprint in space with asking rents of $69 per square foot that the company also markets on behalf of the Port Authority of New York and New Jersey and the Durst Organization. Read More

Lease Beat

Female-Focused Website Expanding from BK to Midtown South

158 West 27th Street

Female-oriented website Bustle will move its headquarters from a townhouse in Williamsburg to a 9,661-square-foot space on the whole 11th floor of Emmes Asset Management‘s 12-floor building in Midtown South at 158 West 27th Street through a 10-year lease on the property, the Wall Street Journal reported this morning.

The site that features news, entertainment, fashion and lifestyle reporting for women will now operate out of a building between Avenue of the Americas and Seventh Avenue where the owners ask rents running for $60 per square foot and offered up an available floor to the prospective tenants, said Ethan Silverstein of Cushman & Wakfield. Read More

Lease Beat

Jean Shop Moves Its Flagship Location to Soho

37 Crosby Street

Denim brand Jean Shop has moved its flagship location from the Meatpacking District to Soho through a 10-year, 1,400-square-foot lease on the ground and lower floor of Icon Realty Management‘s building at 37 Crosby Street, the Wall Street Journal reported this morning.

The denim brand’s retail, showroom and wholesale space will fit in on a stretch of the street between Broom Street and Grand Street that’s added several new occupants in recent years, said Gregory M. Tannor of Cushman & Wakefield. Read More

Real Estate and Politics

Cuomo Disclosures Don’t Turn Off Real Estate Contributors

Governor Andrew Cuomo

While The New York Times’ three-month probe of Governor Andrew Cuomo’s handling of the now-defunct Moreland Commission to Investigate Public Corruption raised new questions about a matter that’s reportedly under investigation by federal prosecutors, the disclosures didn’t alter the governor’s fundraising ability among members of the city’s real estate elite, according to campaign finance records released last Friday.

The day after the Times story splashed across its front page, key personnel at Fisher Brothers and Cushman & Wakefield showered the governor’s campaign committee with sizable contributions, illustrating continued financial support for the governor whose strong lead in the polls hasn’t shrunk following the reports that he shielded allies from investigation. Read More

Mortgage Observer

Mortgage Data Points to Frothy Market, Heightening Fears of a Bubble

Timing is everything, in surfing and real estate.

Some say that cycles in real estate are inevitable, that the idea shouldn’t be to prevent them, but rather to enter the wave early enough to surf, so to speak. But whatever your thoughts on the market’s boom and bust, recent changes in the commercial mortgage market might give you pause. It may be time to stand up—or bail out.

Many statistics point to a drastic rise in land values in New York City, pushed at least partly by a flood of equity. That, in combination with more leverage and more building trades, indicates what brokers like to call “frothiness.”  Read More

The Sit-Down

Talking Towers, Cities and Teamwork With Josh Kuriloff of Cushman & Wakefield

Josh Kuriloff

Cushman & Wakefield Executive Vice Chairman Josh Kuriloff’s office at the company’s Midtown headquarters features several models of Chicago’s Willis Tower; pictures of the 28-year veteran C&W broker with Bill Clinton, George Pataki, Colin Powell and Magic Johnson; and a desk covered in piles of research reports and client files. Mr. Kuriloff, a 55-year-old married father of two, invited Commercial Observer to visit last week for a frank discussion of his work representing clients like the Metropolitan Transportation Authority and Verizon and his thoroughly researched thoughts on the city’s future. Read More

Economic Studies

Report: DC Beats NYC in ‘Walkable Urban Spaces’

GWU report cover

Pedestrian-friendly suburbs surrounding the nation’s capital have given Washington, DC an advantage over New York City that should prove instructive to the Big Apple’s real estate industry professionals, according to a new study released in June by researchers at George Washington University School of Business called “Foot Traffic Ahead.”

While New York City boasts the most areas defined by a formula measuring what the report refers to as “regionally-significant, walkable urban places” with more than 1.4 million square feet of office space, over 340,000 square feet of retail space and high marks for the neighborhood’s use by walkers, a larger percentage of DC’s office and retail space rises up in so-called “WalkUPs,” offering developers in the area the opportunity to command higher relative rents outside the city’s center, said the head of the GWU Center for Real Estate and Urban Analysis, former real estate developer Christopher Leinberger. Read More

Mortgage Observer

Square Mile Provides $25M Senior Loan on D.C. Office

Georgetown Plaza

New York-based JOSS Realty Partners received a $24.5 million senior mortgage loan from Square Mile Capital Management to revamp a recently purchased Washington, D.C. office asset, Mortgage Observer has first learned.

The three-year financing, with two one-year extension options, is backed by the five-story, 150,097-square-foot boutique office building Georgetown Plaza. Read More

Lease Beat

Designer Leads 10 New Deals in ESRT Portfolio

501 Seventh Avenue.

Empire State Realty Trust has leased over 40,000 square feet of space in three of its Manhattan office buildings to 10 new tenants, the real estate investment trust announced this week.

In the largest of the new deals, P. Devos Designs Inc. signed a 7,628-square-foot lease at 501 Seventh Avenue. The tenant, better known as fashion designer Pamella Roland, was represented by Steven Pressler of Coldwell Banker. The term of the deal was not disclosed. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Power Broker

Down to a Science: John Cahill of Colliers International

John Cahill of Colliers. (Aaron Adler)

As the son of a doctor and a nurse, broker John Cahill may have been predestined to work in the medical field in one form or another. Fresh out of Syracuse University, the New York native first chose pharmaceutical sales as his field of choice.

Initially lacking the required experience, Mr. Cahill spent one year at ADP learning the ropes of a sales role and in the process picking up both his employer’s Rookie of the Year award and an expense-paid trip to Hawaii. Read More

Lease Beat

Urban Compass Signs Lease at RFR’s 90 Fifth Avenue

90 Fifth Avenue.

Tech-driven real estate brokerage Urban Compass has signed a new 25,000-square-foot lease at RFR Realty’s 90 Fifth Avenue, the landlord announced today.

The tenant will occupy space on the third and fourth floors of the building beginning late this year, RFR said in a press release. Urban Compass is currently headquartered at nearby 19 Union Square West and the company is expected to retain its 9,000-square-foot space there, according to The New York Post, which first reported the lease. Read More