Scott Silverstein Hired by Equity Office

Scott Silverstein_mm

Scott Silverstein, who spent most of the last decade at Cushman & Wakefield, has been hired by Equity Office as a Leasing Manager focused on New York City assets, including Park Avenue Tower, 114 West 41st Street, 5 Bryant Park, 229 West 43rd Street, 1740 Broadway, and 1140 Avenue of the Americas.

“It felt like the perfect fit for me,” said the 31-year old West Village resident, citing a top owner, a great existing portfolio, top talent, the ability to learn and grow, and his great synergy with Zachary Freeman, vice president of leasing. Read More

Lease Beat

SoulCycle Takes Final 5 Bryant Park Retail Space

Rendering of 1065 Avenue of the Americas, aka 5 Bryant Park.

Indoor-spinning chain SoulCyle has cruised into a 3,359-square-foot ground-floor space at 1065 Avenue of the Americas, rebranded 5 Bryant Park, bringing the two-level 40,000-square-foot retail space to 100 percent leased, Commercial Observer has learned.

The 15-year deal was signed two weeks ago, said Patrick Smith, an executive vice president and principal at SRS Real Estate Partners. Mr. Smith and colleagues Corey Zolcinski, Matt Ogle, Erin Grace, Mark Kapnick represented the landlord, Equity Office, in the deal. Read More


Companies Announce Key Hire, Promotion

Gene P. Spiegelman

Cushman & Wakefield and Equity Office announced that they’ve tapped experienced brokers for top positions as the International Council of Shopping Centers‘ New York City National Deal Making Convention moved into its second and last day.

C&W promoted Gene Spiegelman, a vice chairman of retail services, to head its North America Retail Services Group, while Equity Office picked Zachary Freeman, a CBRE broker who has represented the landlord since 2007, to be its vice president of leasing for New York City. Read More

Lease Beat

Whole Foods’ Bryant Park-Area Lease Revised, Enlarged

1095 Avenue of the Americas.

A week ago today, natural and organic foods grocery chain Whole Foods Market redid its lease, enlarging its footprint to 42,996 square feet, at a Bryant Park-area office tower, Commercial Observer has learned.

While Whole Foods signed a three-floor lease at the 42-story office building 1095 Avenue of the Americas about a year ago, last Friday’s hard contract added 6,000 square feet to the deal through a space reconfiguration, according to people with intimate knowledge of the deal. Read More

Lease Beat

Financial Firms Ink Full-Floor Deals at 1140 Avenue of the Americas

1140 Avenue of the Americas

Two financial services firms have signed 12,750-square-foot full-floor deals at 1140 Avenue of the Americas, The Commercial Observer has learned.

Trilogy Global Advisors will relocate from the Grace Building to the 18th floor of the Equity Office property. The tenant will pay rent starting at approximately $80 per square foot in a 10-year deal, according to data from CompStak.

Read More

The Plan

Check Out 5 Bryant Park Retail Space


Variously utilized in the past at a bank and a Staples location, the 40,000-square-foot, two-level retail space at 1065 Avenue of the Americas—rebranded 5 Bryant Park—has been subdivided into seven separate retail spaces.

Ranging in size from approximately 2,000 square feet to nearly 19,000 square feet, the spaces are suited to a number of different uses, from restaurants to financial services. Patrick Smith of SRS Real Estate, who is marketing the retail space on behalf of Equity Office, spoke with The Commercial Observer last week about the repositioning of retail at the property and how each space suits the market.

“Equity Office came up with a scheme with architect Dan Shannon to re-skin the retail and reposition the retail in sizes and configurations that were reflective of market demand,” Mr. Smith said.

Read More

Lease of the Week

Water and Stone: How Blackstone Group Lured Waterfall Asset Management to 1140 Avenue of the Americas

1140 Avenue of the Americas.

Even before the Blackstone  Group won a contentious bidding war for 1140 Avenue of the Americas, the prewar office building was in the midst of a multimillion-dollar restoration project in early 2011.

Nearly 30 firms were fighting for the right to own the $116 million nonperforming note held by Laurence Gluck’s Stellar Management and partner Rockpoint Group, which bought 1140 Avenue of the Americas from SL Green Realty Corp. for $97.5 million in 2006. Read More