ICSC NYC 2014
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.
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.
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.
Equity Office has signed the first two retail leases at its repositioned 5 Bryant Park property.
In the larger of the two long-term deals, Blink Fitness, an Equinox Fitness brand, has signed an 18,765-square-foot lease on the ground and basement levels of the property.
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.
Lease of the Week
Information database developer, 10Gen, was looking to become the latest technology firm to set up shop in Midtown South but found a more attractive option further north, taking 29,400 square feet at 229 West 43rd Street—the old New York Times Building—and was offered an asking price between $70 and $80 per square foot. The five Read More
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.