Lease Beat

Ad Tech Company Inks Big West Village Relocation

95 Morton Street

Digital ad valuation company Integral Ad Science has more than quadrupled its New York City office footprint through a 10-year, 25,000-square-foot lease for the entire eighth floor at the Brickman real estate private equity firm’s 95 Morton Street in the West Village.

The company that provides an assessment platform for digital marketing buyers and sellers relocated from a 6,000-square-foot space near Union Square late last month to the space one block east of the Hudson River between Greenwich Street and Washington Street with asking rents of $75 per square foot, according to Brickman officials. The company’s expanded staff played a large role in the move, said Integral Ad Science CEO Scott Knoll. Read More

Lease Beat

City Agency, Office Space Provider Ink Forest Hills Leases

Forest Hills Tower

The New York City Board of Elections and office suite provider Regus signed respective leases totaling almost 50,000 square feet at Muss Development’s Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, Queens, The Wall Street Journal reported yesterday.

The city agency will move into a 36,103-square-foot space on three different floors of the 17-story building by the fourth quarter of 2015 and the real and virtual office space finders will occupy 13,317 square feet on the fourth floor of the 1981 structure with asking rents in the high $30s, Jason Muss, a Muss principal, told Commercial Observer. Read More

Lease Beat

Digital Ad Agency Expands in Dumbo

45 Main Street

Digital marketing firm Huge will expand from 55,000 square feet to 80,000 square feet through a five-year lease with a five-year renewal option at Two Trees Management‘s 45 Main Street in the Dumbo section of Brooklyn, The New York Post reported Tuesday.

The firm with 850 employees worldwide and over 500 in Brooklyn first occupied a 2,500-square-foot space on the site that’s one block from the East River waterfront off of Water Street, but it’s now building out for the large-scale expansion in space where asking rents range from the low-$40s to the low-$50s per square foot, said Dan Conlon, director of leasing for Two Trees. Read More

Market Reports

Reports: Downtown Vacancy Rates Fall While WTC Rises

Downtown Vacancy

Downtown Manhattan’s vacancy rates decreased by more than three percentage points in the last year despite large amounts of space for tenants at the World Trade Center, according to new quarterly data released by JLL and other market observers.

Downtown’s overall vacancy rate dropped from 13.7 percent to 10.6 percent between the third quarter of 2013 and the third quarter of this year, while downtown Class A vacancies plummeted from 15.5 percent to 11.2 percent over the same period, according to the JLL report. The trend reflects the area’s growing appeal to tenants from the technology, advertising, media and information sector who are moving from other neighborhoods, said John Wheeler, the director of JLL’s downtown office. Read More

Mortgage Observer

The Rise of Select-Service Hotels

Bill Grice.

Select-service hotels—once mainly the focus of small, regional owners and operators—have become a target for some of the largest REITs and private equity firms and a growing sweet spot for lenders, according to a report from JLL provided exclusively to Mortgage Observer.

The hybrid lodging class, which stands between full-service and limited-service hotels, has increasingly attracted the attention of large national banks and life insurance companies in addition to the usual local and regional banks, fueling increased lending competition, according to the report. Read More

Mortgage Observer

J.P. Morgan Provides $150M for Hotel Portfolio

A Marriott SpringHill Suites hotel

JLL secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint venture between Blue Mountain Capital and Aimbridge Hospitality, Mortgage Observer has exclusively learned. The J.V. purchased a 16-property select-service hotel portfolio with assets in Kentucky and Ohio.

The 1,776-key portfolio features seven Courtyard by Marriotts, seven TownPlace Suites and two SpringHill Suites hotels in Cincinnati, Cleveland, Columbus and Toledo, according to JLL. The properties recently underwent upgrades.  Read More

The Lobby

Cassidy Turley Hires Nonprofit Group Co-Leader

Janet Woods

Cassidy Turley hired an experienced broker for charities and foundations to help lead its nonprofit practice group, the company announced last week.

Janet Woods has joined Cassidy Turley as co-leader alongside David Lebenstein to play the same role she formerly served at JLL as a representative for the Girl Scouts of Greater New York, the Children’s Aid Society, the NAACP Legal Defense Fund and other nonprofit clients. Read More

Mortgage Observer

Hidrock Scores $45M in Acquisition Funds From Bank of Ozarks, Ladder

12 East 48th Street

Bank of the Ozarks and Ladder Capital lent $45.5 million in funds for a seasoned New York City investor to buy a three-lot land assemblage in the Rockefeller Center area for $47 million, Mortgage Observer has learned. The buyer, HID Acquisition Group LLC, a subsidiary of Hidrock Realty, closed on the parcels last month and plans to build a residential condominium, Hidrock’s CEO said.

Bank of the Ozarks provided $26 million in a senior mortgage, while Ladder Capital lent $19.5 million in mezzanine funds, a source told MO. Read More

The Lobby

JLL Hires Amanda Bokman for New York Office

Amanda Bokman.

JLL has hired Amanda Bokman as a managing director, Commercial Observer has learned.

Based out of JLL’s New York office, Ms. Bokman will focus on new business development and tenant representation, and will work closely with Robert Martin, the firm’s vice chairman and head of brokerage, according to a press release issued by the company. Read More

Mortgage Observer

Terra Capital and Santander Lend on JDS Luxury Condo Project Near High Line

514 West 24th Street

A joint venture between JDS Development Group and Largo Investments received financing from New York-based mezzanine lender Terra Capital Partners and Santander Bank to fund the predevelopment of a luxury condominium at 514 West 24th Street, Mortgage Observer has first learned.

Terra Capital provided a $12 million preferred equity investment to coincide with an $18 million senior loan from Santander. Read More

Mortgage Observer

Steiner Seeking $300M Construction Loan for DoBro Resi Building   

A rendering of the planned tower at Flatbush and Schermerhorn.

As Downtown Brooklyn continues to sprout luxury residential spires, one developer is ready to join the herd—and needs some cash to do so.

Doug Steiner’s firm, Steiner NYC, is on the hunt for $300 million in construction financing to build a residential rental building at Flatbush Avenue and Schermerhorn Street in Downtown Brooklyn, a source told Mortgage Observer. A representative for Steiner declined to comment. Read More

Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Mortgage Observer

Q&A: Richard Stanley, Head of Real Estate Workout Strategy for Europe, JLL

Richard Stanley of JLL

Mortgage Observer sat down with Mr. Stanley in his Soho, London, office to chat about the euro zone debt crisis, the burgeoning recovery there and the biggest American investors in European and U.K. debt.

Mortgage Observer: How long have you been involved in real estate finance?

Richard Stanley: I have run the real estate banking advisory team at JLL since 2009, and before that I ran the same team at DTZ. I’ve been doing this for 20-some years. Longer than I care to mention. Read More

Lease Beat

Three Tenants Snap Up Full-Floor Leases at 475 Fifth Avenue [Updated]

475 Fifth Avenue.

Three tenants have nabbed full floors totaling 28,190 square feet at 475 Fifth Avenue between 40th and 41st Streets.

Torchlight Investors, an investment management firm has signed a deal for 16,029 square feet on the entire 10th floor of the building. Square 1 Bank signed for 7,842 square feet, spanning the entire 18th floor, and Daikin, a global air conditioning and refrigeration provider, has signed for 4,319 square feet over the entire 21st floor. All of the lease are for 10 years, according to JLL, which represented the building in the deals. Read More