Clothing manufacturer VF Corporation’s sportswear division has signed a 100,000-square-foot renewal at the LeFrak Organization’s 40 West 57th Street. In the deal commencing in April 2016, the tenant will remain on floors six through nine and vacate floors three through five.
PVH Corp. has signed a long-term renewal and expansion deal for its Warnaco Group unit at the Empire State Realty Trust’s 501 Seventh Avenue. The renewal adds more than 37,000 square feet to the lease, upping Warnaco’s total occupancy to 223,616 square feet.
PVH, which owns brands including Tommy Hilfiger, Calvin Klein and IZOD, acquired Warnaco, which owns the licenses for Calvin Klein jeans and underwear, in February of this year. The $2.9 billion deal brought all Calvin Klein-branded apparel under a single entity and followed the company’s previous acquisition of Tommy Hilfiger for $3 billion in 2010.
Wollmuth Maher & Deutsch LLP has signed a 15-year renewal for its 19,942-square-foot space on the 12th floor at 500 Fifth Avenue. The law firm has occupied space in the building, where asking rents range from the low-$60s to low-$80s per square foot, since 1999.
The lease continues a run of renewals and expansions signed this year at the Midtown building. As reported by The Commercial Observer, Elias Sports Bureau, IMC Asset Management, University of Oxford and Argus Media have all renewed or expanded in the building in 2013.
More good news out of Downtown, with the latest Cushman & Wakefield research showing that it was the only submarket to register positive net absorption in the third quarter.
Downtown saw 523,000 square feet of positive net absorption, while the average asking rents increased 14.8 percent, to $45.66 per square foot.
The firm attributes the Read More
Vantage Properties, a leading owner-operator of apartment properties throughout the city, has added Peter Stevens and David Cosentino to its team. Mr. Stevens will join as vice president, New York acquisitions and Mr. Cosentino will serve as a director of marketing and communications.
Human resources provider Automatic Data Processing has signed a 10-year, 24,639-square-foot lease on the fourth and fifth floors at 135 West 18th Street.
As reported by The Commercial Observer, ADP announced plans last month to open a 24,000-square-foot “Innovation Lab” in Chelsea.
Sahara India Pariwar is looking to put a lid on reports that it intends to sell The Plaza Hotel, Dream Downtown and the Grosvenor House in London.
Multiple overseas publications, including India’s DealCurry, reported that the assets were up for sale earlier this month, and later the New York Post reported Read More
Fifth Avenue again lost out to Hong Kong’s Causeway Bay in a ranking of the world’s priciest retail locations, according to a report released today by the retail research division of Cushman & Wakefield.
The 25th annual edition of the Main Streets Across the World ranking found a 14.7 percent growth in rental values–to an average $3,017 per square foot–along Causeway Bay, with Fifth Avenue trailing at an average $2,500 a foot. That figure was right on par with last year’s. Paris’s Champs Elysées rounded out the top three at $1,601 a foot rental value, an impressive 38.5% surge from last year for the tourist mecca, which has recently been trying to restore some of its long-vanished class and exclusivity.
Nearly six months after Cushman & Wakefield announced he would depart at as the real estate company’s chief executive officer, Glenn Rufrano has landed on his feet.
O’Connor Capital Partners, a real estate investment, development and management firm, announced today that Mr. Rufrano would return to the company as chairman and chief executive. Mr. Rufrano had previously enjoyed a 17-year spell with O’Connor, beginning in 1983.
Kauff McGuire & Margolis LLP has signed a 10-year renewal and expansion at 950 Third Avenue, The Commercial Observer has learned. The tenant will now occupy approximately 24,000 square feet on the 14th and 15th floors of the East Midtown building.
The firm, which operates an additional office in Los Angeles, specializes in labor law. KM&M’s clients have included Brookfield Properties, AMC Networks, Conde Nast, NBC Universal and others.
Capital One has provided a $56.8 million loan to affiliates of Bethesda-based ASB Real Estate Investments for The Peninsula, a 285,205-square-foot apartment community in Dorchester Bay, Boston, Mortgage Observer can exclusively report.
After sitting vacant for two years in the heart of the Flatiron District, the new ownership group of 41 West 24th Street has elected to gut-renovate the building’s retail space in order to capitalize on the neighborhood’s growing popularity with office users and residents.
Previously occupied by a deli, the 2,300-square-foot space sits between Fifth and Sixth Avenues and enjoys close proximity to both Eataly and one of the area’s hottest residential developments, 10 Madison Square. Envisioned as the new home for a local or regional purveyor, the retail space at 41 West 24th Street is being marketed by Cushman & Wakefield to a number of potential tenants, including coffee shops.
“We’d love to do coffee, but we have got total flexibility” Steven Soutendijk told The Commercial Observer. Mr. Soutendijk, who is marketing the space alongside Stephanie Katona and Jesse Hutcher, discussed the gut renovation of the disused space.
The future of commercial real estate debt and equity is safe with this, the second class of Mortgage Observer’s rising stars. This year, we opened the nominations up to include professionals from coast to coast, and the results represent just that, with some new California and New Jersey faces joining some more familiar to the Read More
With Long Island City quickly becoming a popular alternative to Manhattan, both for work and play, Jamestown Properties last year acquired the Falchi Building, a 640,000-square-foot office and manufacturing facility at 31-00 47th Avenue.
Envisioned by Jamestown as a mixed-use property with retail, office and light manufacturing components, Mitch Arkin, executive director
at Cushman & Wakefield, is preparing to market space in the building as existing tenants move out and space becomes vacant.
Though Jamestown has employed similar formats elsewhere, the developer is at pains to stress that the Falchi Building is not Chelsea Market and is, in fact, its own unique opportunity. “We think we can develop this into something that is aligned with the Jamestown brand,” Mr. Arkin told The Commercial Observer.
Cushman & Wakefield chief operating officer Suzy Reingold is reportedly suing her firm for $20 million, claiming gender and age discrimination after she says she was promised the top spot at the firm but was brushed aside for a younger, male candidate.
“The job is yours,” Ms. Reingold claims she was told when the company’s Read More