2014 Owners Magazine

ESB 2.0: The World’s Most Famous (Repositioned) Building

Empire State Building

When digital imagery licenser Shutterstock moved its global headquarters uptown from the Financial District to a two-floor, 85,000-square-foot office in the Empire State Building earlier this year, the 11-year-old firm moved in the opposite direction of the city’s downtown tech trend. But the company’s terraced space that boasts employee game rooms themed around Super Mario Brothers and Alice in Wonderland is starting to represent the norm in a greened, amenity-laden landmark where social networking site LinkedIn occupies over 158,000 square feet and tenants will soon start visiting a new 15,000-square-foot gym and a 100-table luxury restaurant.

Before the famous building’s landlord, the Empire State Realty Trust, started renovations, 174 different tenants operated out of floors three through 25, company officials said. These days, only LinkedIn, Shutterstock and four other companies have filled those floors to capacity. Read More

Lease Beat

Recruiting Firm Expands Into NYC at Empire State Building

Empire State Building.

Dallas-based legal recruiting firm Wegman Partners has signed a five-year lease at the Empire State Building for its first permanent New York City office, Commercial Observer has learned.

Wegman took 3,486 square feet of pre-built space on the 75th floor at the building, at 350 Fifth Avenue between East 33rd and East 34th Streets, according to a spokesman for Avison YoungRead More

Lease Beat

Empire State Building Gains New Tech Tenant [Updated]

Empire State Building

BrightRoll, a video advertising platform, has become the latest TAMI (technology, advertising, media and information) company to take up residence in the landmark Empire State Building at 350 Fifth Avenue.

First reported by the New York Post, BrightRoll will move from its previous headquarters at 330 Fifth Avenue to the 55th floor of the celebrated skyscraper, and will spread across 26,286 square feet. Read More

Lease Beat

Patent Litigation Firm Signing Lease at Empire State Building [Updated]

Empire State Building.

Year-old patent litigation firm Radulescu today is signing a deal to move from temporary digs at a Regus to permanent space at the Empire State Building, Commercial Observer has learned.

The firm is taking 12,200 square feet of prebuilt space on the 69th floor of the building at 350 Fifth Avenue, between 33rd and 34th Streets. The asking rent is $62 per square foot, according to Empire State Realty Trust, a real estate investment trust that counts the Empire State Building among its assets. The lease will be for 10 years and Radulescu will move in on Sept. 1, said Jonathan Anapol, president of Prime Manhattan Realty, who is representing the law firm along with Prime’s William McCollum. Radulescu’s current office is at Regus at 136 Madison Avenue off of 31st Street. Read More

Lease Beat

Bulova Moving to Empire State Building

Empire State Building

Luxury watch and clockmaker the Bulova Corporation will move its corporate headquarters from Woodside, Queens into a 33,214-square-foot space on the 29th floor of the Empire State Building at 350 Fifth Avenue by early next year, the New York Post reported this morning.

The 15-year lease at an average asking rent in the $60s will shift the company’s footprint back to the borough where Joseph Bulova founded the firm in 1875. Read More

Cover Story

Tower Power Play: Up Close and Personal with the World Trade Center Amid Roiling Debate

4 WTC

The springtime breeze is nice on the 57th-floor outdoor terrace of 4 World Trade Center. With a vista stretching from the Statue of Liberty to the Empire State Building and across the East River to Queens, the building will reward employees of whatever company snaps up the available 34,000-square-foot floor with a break room in the clouds.

But far down below that rarefied air, there’s intense scrutiny of a potential construction loan to complete one of the six new towers at the site. The same goes for the memorial park, the transit hub, the retail center and the performing arts center that will also one day adorn the spot where the 9/11 tragedy destroyed the twin towers and their surroundings 13 years ago. Read More

The Sit-Down

Empire State of Mind: Tony Malkin on Empire State Realty Trust

Tony Malkin. (Credit: Aaron Adler)

Last year, the Empire State Realty Trust, a real estate investment trust that counts the Empire State Building among its assets, went public. Under the symbol ESRT, shares in the REIT have traded up over 14 percent since the initial public offering early last October. The road to the New York Stock Exchange was a somewhat rocky one for the REIT, with a small, yet vocal group of investors rallying against the initial public offering. Undeterred, Tony Malkin, the chairman, chief executive and president of ESRT, pushed forward, confident that the consolidation and public offering of the portfolio formerly known as Malkin Holdings was the best route for investors. Nearly six months since the NYSE’s bell tolled for ERST, Mr. Malkin’s confidence is paying dividends. Having just signed LinkedIn to a 160,000-square-foot lease at the Empire State Building, ESRT is committed to redeveloping both its globally beloved 34 Street asset and other properties in the portfolio. Mr. Malkin spoke to Commercial Observer last week about ESRT’s road to its IPO and what’s planned for the future. Read More

Lease Beat

LinkedIn Expands to 160,000SF at Empire State Building

Empire State Building. (Credit: Al Barbarino)

Social media networking company LinkedIn is reportedly expanding its presence in the Empire State Building by 44,000 square feet to approximately 160,000 square feet.

“The way the building’s lease expirations rolled allowed for a very creative expansion,” CBRE’s Sacha Zarba, who represented LinkedIn, told The Real Deal. “It’s very hard to find a building that can potentially work for your client five years down the line, but when you have a company that projects such explosive growth as LinkedIn, you have to think that way.”

Read More

Trading CRE

ETRE Financial Files for IPO

Nasdaq

On Monday, ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT (proposed ticker is ECAV) on the NASDAQ exchange. Operating as a limited liability corporation, ETRE REIT would allow public investment in individual commercial real estate properties with the properties held as separate real estate investment trusts. Read More

Lease Beat

Burger Joint Smashes into Heavy Traffic Zone

A smashburger

Smashburger has signed a 5,432-square-foot new lease for a retail space at 10 West 33rd Street with plans to move in this coming April.

David Levy, principal of Adams & Co., who represented the tenant and the landlord, struck a concurrent deal for 1,385 square feet of contiguous space for a Dunkin Donuts.

“This is Read More

REBNY 2014

Such Great Heights: REBNY’S Year In Review

1 WTC

As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.  Read More

Year in Real Estate

The Year in Commercial Real Estate

YearInCover_web

An astounding 54.3 million tourists are expected to have visited New York City by the end of this year, many of them for the first time. And while, of course, for many of these visitors, a runway at LaGuardia or the back of a cab driver’s head will be their first impressions of the city, the more memorable vision will be the one that has been enchanting tourists ever since 1870, when construction workers topped out the 130-foot tall Equitable Life Assurance Building, long considered the Big Apple’s first skyscraper. Read More