Lease Beat

10gen Expands at Former NYT Building

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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

Lease Beat

Tech Firm Recyclebank Flees West Village for Midtown South With 17,000-SF Lease

151 West 26th Street

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. Read More

Lease Beat

Allianz Real Estate of America Relocating to One Grand Central Place

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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.

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Lease Beat

World Class Capital Opens in New York at 540 Madison Avenue

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Real estate investment and private equity firm World Class Capital has signed a lease for 2,723 square feet at Boston Properties540 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.” Read More

The Year in Review

2012: The Year Tech Invaded NYC Real Estate

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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

Lease Beat

Tiffany Signs For More Space At 200 Fifth, Giving It 100-Percent Occupancy

200 Fifth Avenue at night. (Courtesy of L&L Holdings)

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. Read More

Hudson Square

Trinity Real Estate, Hudson Square, Targeting Fashion Industry Tenants

Hudson Square/West Village.

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. Read More

Soho

Hip Retailers, Tech Startups, Compete For Scarcity of Space in SoHo

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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.” Read More

Lease Beat

Sedgwick Grabs 43,000 SF at 2 WFC

Courtesy of Invest Academy

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

Power Broker

Trump Card: The Rise of 40 Wall Street and its Steward, Donald Trump Jr.

Donald Trump Jr. (photo credit: Hannah Mattix)

“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. Read More

Lease of the Week

“The Most Complicated Deal I Personally Have Handled.”

Starrett-Lehigh Building. (Courtesy Property Shark)

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. Read More

The Plan

The Plan: Quirky, 601 West 27th Street

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In June, the rapidly growing product development social network Quirky inked a deal for 27,500 square feet at 601 West 27th Street, a former ministorage facility currently in the process of converting into offices for a number of other tech companies. Otherwise known as the Terminal Warehouse Building, the seven-story, 1.2 million-square-foot property near 11th Avenue was built in the late 19th Century, yet only just began leasing space to office tenants several years ago. As such, Quirky, which quadruples in size from its current space at 628 Broadway, took advantage of raw space, high ceilings and start-up friendly, loft-like floor plates. After the jump, Ben Kaufman, the company’s 25-year-old founder and chief executive and Greg Taubin, a senior managing director at the real estate firm Studley who inked the deal, reviewed the floor plan and discussed what impressed them the most.

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