The World Trade Center site has been closed off from lower Manhattan and the rest of the city for 12 long years. But by this time next year, the site will be fully reintegrated back into the streetscape, and New Yorkers will reclaim the Downtown they once knew. It’s no coincidence that major developments at Read More
Axinn, Veltrop & Harkrider LLP has renewed its lease in Midtown.
The leading antitrust, intellectual property, and high-stakes litigation firm will continue to operate out of its 36,000-square-foot office on the 22nd floor of the Durst Organization-owned 114 West 47th Street between Sixth and Seventh Avenues.
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.
2013 Owners Magazine
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.
One World Trade Center
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
The Durst Organization has set aside two floors totaling 94,000 square feet for a pre-built and build-to-suit program at One World Trade Center, the developer announced today.
The program—located on floors 45 and 46—is designed to accommodate up to 18 tenants. The two floors are being subdivided in to smaller spaces between 2,000 and 20,000 square feet.
Everywhere a Sign
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.
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
On the Market
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
When the Port Authority of New York & New Jersey landed Condé Naste as 1 World Trade Center’s anchor tenant three years ago, the agency agreed to buy out the media giant’s remaining lease at 4 Times Square.
Now, as the role of a consulting firm hired by the PA to evaluate options for the Read More
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
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
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.
Some commercial real estate brokers are “kicking and screaming” about the audacity of some city landlords who they claim are disregarding their “exclusives” with retailers by attempting to land tenants on their own.
The idea of “skipping the middle man,” once thought of as a tool for efficiency, is enraging some brokers, who tell The Commercial Observer that large retail owners including Joe Sitt, Jeff Sutton and Joe Moinian, are steering out of their way – but digging deep under their skin.
“Totally not kosher,” one perturbed president of a top city brokerage wrote in an email to The Commercial Observer. “It puts the retail brokers in a difficult spot and it is morally incorrect.”
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More