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.

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The Plan

Check Out 5 Bryant Park Retail Space

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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.

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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