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]

Print

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

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