3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

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Lease Beat

Prosek Partners to Trade Empire State Building for NoMad

105 Madison Avenue.

Prosek Partners has signed a 13,350-square-foot lease for the entire seventh floor at 105 Madison Avenue, The Commercial Observer has learned.

The public relations firm will relocate from the Empire State Building in a long-term deal. Previously known as CJP, Prosek counts ING, General Electric and Genworth Financial among its list of clients. Read More

Lease Beat

Lee Hecht Harrison to Relocate to 230 Park Avenue

230 Park Avenue.

Lee Hecht Harrison, a subsidiary of Adecco USA, has signed a 10.5-year, 23,000-square-foot lease for a portion of the sixth floor at 230 Park Avenue. The global mobility talent firm will relocate from nearby 200 Park Avenue.

“230 Park Avenue continues to earn the trust of leading organizations such as ING, Clarion Partners and Novartis,” said Brian Robin, president of Monday Properties, in a statement. “We are proud to add Lee Hecht Harrison to the tenant community of our landmark building, where we provide leasing solutions for small and large firms alike.”

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Lease Beat

Clarion Partners Signs Direct Lease at 230 Park Avenue

230park

Real estate investment management firm Clarion Partners has inked a 10-year lease, beginning in May 2014, for 71,000 square feet at 230 Park Avenue, it was announced yesterday. Asking rent for the space was in the mid-$60s per square foot.

Clarion, a former subsidiary of ING, is a long-term tenant in the building. The firm’s current occupancy agreement is as a subtenant of ING, according to Brian Robin, president and chief operating officer at Monday Properties, the landlord.

The new agreement is a direct lease of the building’s 12th floor. Currently, Clarion occupies the entire 12th floor and part of the 15th floor. Read More

Sales Beat

Princeton International Properties Pays More Than $100M for 104 West 40th Street

104 West 40th Street

Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.

The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.

Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents. Read More

Lease of the Week

Putting the ING in Leasing

Ahisgett. (Courtesy Flickr)

A gilded landmark once owned by Helmsley-Spear, 230 Park Avenue offers two features prized by New York office tenants and commuters alike: great views and the relative ease of working near Grand Central.

This isn’t to say that all of those who work in finance live in New Canaan or Scarsdale. But 230 Park Avenue, and Midtown in particular, has always been favored by the kind of high-net-worth financial and legal tenants who, besides committing to 10-year offices leases in Manhattan, sign pricy residential mortgages on tree-lined suburban streets across Connecticut and upstate New York. Read More