Lease Beat

Renewable Energy Markets Firm Inks 675 Third Avenue Lease

675 Third Avenue. (Credit: PropertyShark.)

Karbone, a renewable energy and environmental markets firm, has signed a lease for a 4,351-square-foot portion of 30th floor at the Durst Organization’s 675 Third Avenue, Commercial Observer has learned. Asking rent for the pre-built space was $60 per square foot.

The tenant is currently headquartered at 130 West 42nd Street and will relocate next month.  Karbone, which operates an additional office in London, provides brokerage, capital advisory and research services for new energy asset classes, including carbon credits, emission permits and clean fuels. Read More

Power Broker

Family Matters: Tara Stacom on 1 World Trade Center

Tara Stacom. (Credit: Cushman & Wakefield)

The Stacom name has become almost synonymous with the country’s biggest real estate projects and deals. The foundations of that reputation were laid back in 1962 when the late Matthew Stacom brokered the sale of the development site that would become the Sears Tower, the Chicago office property that would later be declared North America’s tallest building.

Mr. Stacom’s daughters, Tara and Darcy, grew up with a constant reminder of their father’s landmark transaction: a photo of the Sears Tower on the wall of the family’s home. Read More


Check Out the Marketing Center at 1 WTC

11 Photos

1 WTC Model Office Space

On Thursday, the Durst Organization offered a sneak peak at what office space could potentially look like at 1 World Trade Center. Boasting floor-to-ceiling windows and unobstructed views of the city, office space below the 64th floor Sky Lobby will command rent of $75 per square foot. Designed by Gensler, the marketing center at 1 WTC showcases a number of potential layouts, including traditional office and open creative space. Set to open in early 2015, 1 WTC has already secured an anchor tenant in publishing giant Conde Nast, but leasing executives still have 45 percent of the building’s space to rent. Check out photos from The Commercial Observer‘s tour of the marketing center and building site after the jump. Read More

Power Broker

On Top of the World: Durst Organization Director of Leasing Eric Engelhardt on Leasing Up 1 WTC


In 2010, with 1 World Trade Center rising slowly in the skyline of Lower Manhattan, the Durst Organization had a problem. The developer and its ownership partners at Port Authority still hadn’t secured an anchor tenant for the project.

Eric Engelhardt, who had previously sat across the table from the Port Authority pitching the case for a role in the development, was then part of Durst’s acquisitions and development group, and this time was on the same side of the table as the government agency—pitching Condé Nast. Read More

Lease Beat

Stempel Bennett Renews on Third Avenue

Courtesy of Simplestock

Stempel Bennett has renewed its lease on Third Avenue, the Commercial Observer has learned.

The law firm will continue to operate out of the 8,496-square-foot 22nd floor of 675 Third Avenue for another 10 years. The firm initially moved into the Durst Organization’s neighboring building, 655 Third Avenue, and made the move a few stops down the block about a decade ago. Read More

Everywhere a Sign

H&M Logo to Grace 4 Times Square


H&M is prepping to emblazon its logo atop Durst Organization‘s 4 Times Square, The Wall Street Journal reported.

The ad, to be completed later this year, will accompany the 42,500-square-foot H&M store that will open at the 48-story tower’s base, where it signed a lease for a new store and the rooftop signage in October.

The Read More


BOA Tower an Energy Guzzler Despite LEED-Platinum: New Republic


Despite an LEED-Platinum certification and praise regarding its sustainability from the press, Al Gore, Mayor Michael Bloomberg and his administration, the Durst Organization’s Bank of America Tower isn’t all it was cracked up to be, according to an articleThe tower in fact “produces more greenhouse gases and uses more energy per square foot than any Read More

Lease Beat

Wonder Works Construction Relocates to 894 Sixth Avenue

Sixth Avenue (Courtesy of Wikipedia)

The New York-based development and construction firm Wonder Works Construction will be leaving its offices in Flatiron to move to Herald Square.

The firm currently houses its main office in a 5,000-square-foot office on the fourth floor of  18 West 21st Street, but will move out in favor of a larger 8,000-square-foot suite at Sol Goldman Investments’ 894 Sixth Avenue. Read More

Lease Beat

Marathon Ventures Renews at 655 Third Avenue

Courtesy of CoStar

Marathon Ventures has renewed its lease at 655 Third Avenue, the Commercial Observer has learned.

The investment firm will increase its foothold to 7,340 square feet in the the Durst Organization’s building, leaving its space on half of the fifth floor in favor of the entire nineteenth floor. The firm specializes in technology, media sales Read More

Lease Beat

Durst Extends Leases for Five Sandy-Battered Front Street Retail Tenants

Il Brigante

Five retail tenants on Front Street, which was hit hard by Sandy, have extended their leases and will remain at the Historic Front Street development, a joint venture of The Durst Organization and Zuberry Development Corporation, The Commercial Observer has learned.

Il Brigante signed again for 1,100 square feet at 214 Front Street, Jack’s Coffee renewed for 536 square feet at 222 Front Street, Aphrodite Cleaners will stay in 600 square feet at 221 Front Street. Dermatologist Dr. Bobby Buka and Donna Gallo re-inked at 220 and 225 Front Street, respectively. All leases are on 10-year terms with the exception of Aphrodite Cleaners, which signed a seven-year lease. Read More