Earlier this year, a machine known as The Launcher got to work on the foundation upon which Brookfield Office Properties’ 7.2-million-square-foot mixed-use Manhattan West project will rise.
So far, the metallic-yellow workhorse has methodically placed three of 16 concrete bridge spans atop a set of uncovered Amtrak tracks that lead to Penn Station, the rest of which are expected to be in place by year’s end.
As The Launcher continues to work ahead of schedule at the task, the “neighborhood of the future” is becoming more and more of a reality, as marketing efforts to land an anchor tenant for the development’s first commercial tower intensify.
Ahead of SAP’s scheduled move to Hudson Yards, Sybase, a subsidiary, has signed a short-term renewal for its 31,285-square-foot space on the 32nd floor of the Grace Building, The Commercial Observer has learned.
The software developer has signed an early renewal one one year and three months, according to data from CompStak, and will pay rent in the low-$90s per square foot. The company, acquired by SAP in 2010, first signed a lease at the Brookfield Office Properties’ building in 2004, then paying in the mid-$50s per square foot.
Bain & Co. is relocating to the Grace Building at 1114 Sixth Avenue from 3 Times Square, the Wall Street Journal reported. The term of the lease is 16 years, according to a spokesperson from the landlord, Brookfield Office Properties, who confirmed the deal.
The consulting firm has committed to take nearly 100,000 square feet on three upper floors at building, where asking rents are approximately $100 per square foot, and will relocate in mid-2014, according to the report.
“We have been looking for a while,” Bill Neuenfeldt, managing partner and head of Bain’s New York office, told the Journal.
The City University of New York will split the proceeds from the $62 million sale of the Grace Building at 535 East 80th Street, to buy some pricey science equipment and the 30-year condo interest it agreed to buy last year at 205 East 42nd Street.
One half of the money will buy the new high-end instruments to be used for research at the CUNY Advanced Science Research Center on the City College campus in Harlem, while the other half buys the seven floors in the former Pfizer building at 3rd Avenue and 42nd Street, said Michael Arena, a spokesperson for the university.
“We are very excited about this new location, especially because it will have very prominent storefront access,” Mr. Arena said.
One of Europe’s leading private equity groups, EQT Partners, is set to move their New York office to the Grace Building.
Previously operating out of downtown White Plains, EQT will make the move to Brookfield’s 1114 Avenue of the Americas. The firm will take a 9,100-square-foot office on the 38th floor of the building. The long-term lease was set for ten years.
While I’m not looking to take business from the mouths of the real estate bar, let’s face it: if you’re serious about being a player in this real estate game, there’s a fundamental body of law you must be familiar with. And the court’s interpretation and reinterpretation of that “corpus juris” is what requires us to visit important cases from time to time.
Over the next several months, The Commercial Observer will be reviewing 10 of the most significant leasing cases in ascending order of importance.
In one of the biggest law firm deals this year in New York, intellectual property specialists Kilpatrick Townsend & Stockton has taken 45,000 square feet at the Grace Building at 1114 Avenue of the Americas.
The deal, which comes six months after Kilpatrick Stockton merged with Townsend and Townsend and Crew, allows the legal practice to now double its size from its current 22,500 square feet at 31 West 52nd Street, brokers said. At the 49-story, Brookfield Office Properties-co-owned Grace Building, the firm will occupy the entire 21st floor and a portion of the 22nd.