Lease Beat

Tech Firm Renews, Expands at Jamestown’s 1250 Broadway

1250 Broadway. (PropertyShark)

Varonis Systems has renewed its existing 15,356-square-foot lease at 1250 Broadway, according to landlord Jamestown. Concurrently, the business technology firm expanded its footprint in the building, signing a 10-year lease for 30,712 square feet on the 28th and 29th floors.

“Broadway between the Nomad District and Flatiron is quickly becoming a burgeoning and dynamic area for many tech, media and creative companies,” said Michael Phillips, the chief operating officer of Jamestown, in a prepared statement. “Varonis Systems expanding within 1250 Broadway further indicates that the NYC tech corridor is beginning to stretch north into Midtown.” Read More

Manhattan Market Report

Sevenfold Retail Sales Volume Catapults $13 Billion Q4: Eastern Consolidated

559px-666_Fifth_Avenue_by_David_Shankbone

An unprecedented sevenfold increase in retail property sales fueled the Manhattan commercial real estate sales market’s epic comeback in the fourth quarter – its strongest performance since 2007, according to preliminary data from Eastern Consolidated.

The hallmark quarter, with nearly $13 billion in sales volume – the strongest since record-breaking performances in 2007 (peaking at $19 billion in Q2 of 2007) – was triggered by fears of impending capital gains taxes, which had owners scrambling to unload properties before year’s end.

“This was definitely fiscal-driven growth,” said Barbara Byrne Denham, Eastern Consolidated’s chief economist.  “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.” Read More

Lease Beat

Giorgio Armani Moves to the Milk Studios Building

450 West 15th Street.

Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013. Read More

Sales Beat

90 Fifth Avenue In Contract For $115 Million

90 Fifth Avenue.

90 Fifth Avenue is being acquired by the Atlanta based investment group Jamestown for $115 million sources have revealed to The Commercial Observer, a price that equates to a lofty over $800 per square foot.

The deal, if it closes, would finally end a years long effort to sell the 140,000-square-foot property, which is mostly Read More