Prospective Tenants

First Look Media Negotiating Space at L&L’s 114 Fifth Avenue

114 Fifth Avenue

New online news venture First Look Media is negotiating a full-floor lease at L&L Holdings‘ redeveloped office tower 114 Fifth AvenueCommercial Observer has learned from someone with knowledge of the deal. The floors are just shy of 20,000 square feet.

In the interim, the news start-up, which was financed with $50 million by the eBay founder and billionaire Pierre Omidyar, will be subletting a floor (which are about 11,000 square feet each) at 162 Fifth Avenue between 18th and 19th Streets that was leased by major Hollywood talent agency, CAA. CAA has relocated to the Chrysler Building, as Commercial Observer previously reported. Read More

The Sit-Down

Kevin Hoo’s Tweet Victory

Kevin Hoo

Kevin Hoo’s prior experience with UBS AG and later Tishman Speyer allowed him to slip seamlessly into a role as a vice president at Savanna in 2011, where as an asset manager he handles everything from financing acquisitions to choosing building finishes, leasing them up and handling day-to-day operations. “We run a fairly lean team here,” he said. “My role has been to play the jack of all trades.” At Tishman Speyer, Mr. Hoo’s acquisition, development, design and construction roles saw him focusing on properties as iconic as Rockefeller Center and the MetLife Building, but as he tells it, Savanna’s recent repositioning of 245 and 249 West 17th Street, now home to Twitter’s New York City headquarters, is the most exciting endeavor he has been a part of. Read More

Wired City

Broadband Horror Stories: It Can Happen to You

Rainbow Broadband

“Broadband” is a term used to describe high-speed Internet. There are multiple service providers in New York City, but many businesses are still struggling to get the access they desperately need.

Advertised fiber speeds of 100-150 Mbps are reserved for a small percentage of commercial buildings in New York City that are already wired with fiber cables. Rainbow Broadband officials have estimated that only 5 percent of commercial buildings in NYC currently have fiber wiring. Read More

The Year in Review

2012: The Year Tech Invaded NYC Real Estate

year tech broke

This past February, 10Gen, developer of the computer system database MongoDB, was in search of new office space, specifically in tech- and media-rich Midtown South.

The company needed a large open layout for its workers, with an option for more space to allow the firm to grow—plus an option to terminate. Unfortunately, the ultra-tight market Read More

Lease Beat

eBay, Hunch, Take 35,000 Square Feet Office at 625 Avenue of the Americas

625 Avenue of the Americas.

eBay has completed a deal to take the entire third floor of 625 Avenue of the Americas, a 35,156-square-foot space.

The online auction and shopping company plans to use the office as an outpost for the online information-sharing website Hunch it recently acquired.

eBay signed a deal to take the space for 10 years for rents in the low $50s per square foot. The company was able to secure about seven months of free rent in the deal and a $45 per square foot contribution from the landlord, Chelsea Green Associates, to help cover the cost of outfitting the space with an office installation. Read More

eBay Pops Up for the Holidays on West 57th Street

The prospect of eBay’s auction cybersphere dropping its cloak of virtual reality for flesh-and-bone bidding has long been a subject rife with speculation. What if you could see the seller auctioning off the suspiciously low-priced used laptop, or the bidder, crouched before the screen, waiting for the last minute to bid on your set of Read More