Winemaker, angel investor and scholar of the Russian language, it wouldn’t be a stretch to label Gabe Marans as a Renaissance man. And now the 29-year-old—already a managing director at Savills Studley, one of the leading commercial real estate services firms in the country—can add “Most Promising Commercial Salesperson of the Year” to his list, an award bestowed on him by the Real Estate Board of New York earlier this month.
And while those quick-to-climb professional ranks tend to be either self-made or born into privilege, Mr. Marans inhabits space somewhere in between the two: raised in Teaneck, an affluent suburb of New Jersey, his father is a doctor and his mother is a lawyer in the retail leasing industry. But despite his good fortune, no one can deny that Mr. Marans has worked hard for what he has earned.
10gen is expanding its presence at the former New York Times Building with an additional 20,432 square feet across the 5th floor, bringing its total occupancy to nearly 50,000 square feet.
The deal comes seven months after the growing software and database company signed a six-year, 29,391-square-foot lease with contiguous expansion options in December 2012, which includes Read More
The eco-friendly tech company Recyclebank heeded the siren call of Midtown South and signed a five-year, 17,000-square-foot lease at 151 West 26th Street. The firm offers discounts and other rewards to users for efforts they take to go green.
Greg Taubin of Studley represented the tenant, which will relocate to Chelsea from a subleased space at 95 Morton Street in the West Village. Michael Moorin and Allen Gurevich of Newmark Grubb Knight Frank represented the landlord, The Rosen Group. Asking rent was $48 per square foot.
The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.
“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.
The Year in Review
Real estate investment and private equity firm World Class Capital has signed a lease for 2,723 square feet at Boston Properties’ 540 Madison Avenue, where asking rents range from $80 to $90 per square foot.
“They were looking to open up a New York office that reflected their business model,” Gabe Marans of Studley, who represented the tenant, told The Commercial Observer. “They wanted to be in a boutique building that had easy access to transportation and that was centrally located on the island.”
This past February, 10Gen, developer of the computer system database MongoDB, was in search of new office space, specifically in tech- and media-rich Midtown South.
The company needed a large open layout for its workers, with an option for more space to allow the firm to grow—plus an option to terminate. Unfortunately, the ultra-tight market Read More
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
Tiffany and Co. is expanding its footprint at L&L Holding Co.’s 200 Fifth Avenue, signing for an additional 57,691 square feet of office space and bringing its total share of the building to 405,489 square feet. The deal makes the luxury jeweler 200 Fifth’s biggest tenant and sends L&L into the thick of the holiday season with the bright and shiny gift of 100-percent occupancy at the 800,000-square-foot Flatiron District property.
Studley chairman and CEO Mitchell Steir, along with the firm’s Matt Barlow, David Goldstein and Greg Taubin represented Tiffany in the deal, which had an asking rent of $85 per square foot. David Berkey and Andrew Wiener were the in-house reps for L&L.
The industrial vibe of Hudson Square has beckoned media and tech firms in recent years, including New York magazine, MTV and now the New York Genome Center.
Now, analysts predict that the next industry on the list for Trinity Church, the religious institution that controls much of the area’s property, will be fashion.
Trinity Real Estate brokers lured high-end fashion designer Thakoon Panichgul into a 12,000-square-foot space at 225 Varick Street while also signing leases with Tory Burch and 3.1 Phillip Lim in recent months.
If the Midtown South office market is hot, then Soho has been scorching.
The total vacancy rate for the third quarter of 2012 was just 3.1 percent, a 1.3 percentage point drop from last year, according to a quarterly report issued earlier this month by Cushman & Wakefield. With just 47 buildings and a little more than 4 million square feet of total inventory, available space added up to slightly more than 126,000 square feet, a decline of 27.8 percent from last year, analysts told The Commercial Observer.
“There’s just a lack of inventory across the board, which will just keep pushing rents north,” said Greg Taubin, executive managing director at Studley. He added that there is “continued demand from tech-related tenants seeking the look and feel of a collaborative environment.”
In need of more space, the law firm Robinson & Cole is moving ten blocks South from its current location at 885 Third Avenue, between 52nd and 53rd Streets, to the Chrysler East Building at 666 Third Avenue between 42nd and 43rd Streets.
Sedgwick LLC has inked a deal at 2 World Financial Center.
The renowned law firm is set to move into a 43,000-square-foot office on the 28th floor of Brookfield Properties‘ building in the middle of October with intentions of creating an “office of the future.”
“This move will better enable our talented attorneys to continue to Read More
Newmark Knight Frank has announced the promotion of six professionals in its New York City office: Ross Kaplan, Benjamin Birnbaum, Trever Gallina, Kate Cohen, Hymie Dweck and Kenji Ota, it was announced last week.
Lease of the Week
“For us, we had to do something different,” said Donald Trump Jr. last week, his voice rising with excitement.
Freshly tanned from a recent visit to Mexico, where he was overseeing a new project, the slicked-back scion grew steadily more enthusiastic as he discussed 40 Wall Street, an office tower that, with its rising and falling tenant roster, has contributed to the Trump Organization executive vice president’s growing reputation as a competent steward of the family name, a reliable fixer and successful dealmaker in his own right.
It’s not uncommon to hear Manhattan’s real estate market characterized as sophisticated or complex.
Not every day, however, does a requirement as straightforward as Dentsu McGarryBowen’s uncork such an elaborate and interconnected series of transactions as it did at the Starrett-Lehigh Building.
A longtime tenant in the 2.3-million-square-foot building and one of the property’s largest users, the advertising firm needed to expand. But there was a small problem: Despite its size, the building—an artsy, far West Side location popular among creative tenants—had virtually no available space.