The Lobby

JLL Names New Property Management Group Head [Updated]

Linda Aronson.

Commercial real estate and investment management firm JLL has appointed Managing Director Linda Aronson to spearhead the organization’s property management group in the New York tri-state market, according to a press release issued by JLL.

“We have restructured our property management group to facilitate the expansion of our third-party management portfolio in the New York tri-state area,” said Stephen Schlegel, the COO of JLL’s New York office, in prepared remarks. “Linda Aronson will focus on further building the business.” Read More

Lease Beat

Companies Lease Over 70K SF at TIAA-CREF Building

475 Fifth Avenue

Two new tenants have signed large-scale deals for space at TIAA-CREF‘s 475 Fifth Avenue.

Penske Media Corporation, the parent company of publications like Women’s Wear Daily and Variety, and VOA Associates Architecture, a global architectural design firm, will relocate its New York City offices to the 24-story property across from Bryant Park between East 40th and 41st Streets. The media company is leasing 56,000 square feet on the second, third, 14th and 16th floors, and the architecture firm grabbed 15,375 square feet for the entire 12th floor, The New York Post reported. Read More

Lease Beat

Finance Tech Firm Takes Space in Midtown East

757 Third Avenue

A virtual financing network platform company has grabbed real-world office space in Midtown East.

CyndX, which connects growing companies with capital providers and executive talent in an online marketplace, moved into a 5,479-square-foot space on a portion of the 15th floor of RFR Realty‘s 757 Third Avenue this week, Commercial Observer has learned. The company signed a five-year lease for space at the property, which commands asking rents in the low $70s per square foot, RFR officials said. Read More

Lease Beat

Finance Software Company to Move NYC Offices

622 Third Avenue.

The old Empire Blue Cross/Blue Shield Building just got a new TAMI (technology, advertising, media and information sector) tenant.

Boston-based EZE Software Group, a financial services platform provider, will relocate its New York City offices in the second quarter of the year from 1633 Broadway in Midtown to Charles S. Cohen‘s 622 Third AvenueCommercial Observer has learned. EZE signed an 11-year, 25,000-square-foot lease for a portion of the 10th floor of the 39-story, 1-million-square-foot Grand Central Plaza building between East 40th and 41st Streets, officials with Cohen Brothers Realty Corporation said. Read More

Mortgage Observer

JLL Closes Sale and Financing of Philadelphia’s 1635 Market Street

Seven Penn Center at 1635 Market Street.

Philadelphia continues to lure New York real estate investors, as its central business district becomes an appealing alternative to Manhattan and its sky-high prices.

JLL brokered the sale and financing of a 19-story office and retail building on Philadelphia’s Market Street, the second investment there by Nightingale Group in December, Mortgage Observer has learned. Read More

Lease Beat

Li & Fung Subsidiary Expands at 1359 Broadway

1359 Broadway

A division of Hong Kong-based retail supply-chain manager Li & Fung will grow its footprint at Empire State Realty Trust‘s 1359 Broadway through a seven-year, 12,900-square-foot expansion deal, Commercial Observer has learned.

LF Distribution Holdings, an entity wholly-owned by the largest tenant in ESRT’s portfolio, grabbed new space on a portion of the building’s ninth floor to expand to 104,000 square feet at the property, a source close to the negotiations told CO. The building between West 36th and 37th Streets commanded an asking rent of $58 per square foot, representatives for ESRT said. Read More

Mortgage Observer

Nightingale Buys Philadelphia Mixed-Use Building With Starwood Loan

1835 Market Street.

New York-based Nightingale Group acquired a mixed-use office and retail property at 1835 Market Street in Philadelphia with a $90 million loan from Starwood Property Trust, two people familiar with the deal told Mortgage Observer exclusively.

Nightingale acquired the 29-story building from a joint venture between Clarion Partners and the California Public Employees’ Retirement System for about $100 million, they said. The acquisition marks Nightingale’s third investment in Philadelphia’s central business district since 2011. Read More

Mortgage Observer

Has New York Multifamily Lost Its Sheen?

From left, Matthew Galligan, Peter Nicoletti, Chad Tredway and Jeremy Shel. (Patrick McMullan Company)

It almost starts off like a joke. Two lenders, a developer and a broker walk into a panel hosted by a lawyer. What can they all agree on? That rising land and construction costs could imperil New York development and multifamily deals.

That was the prevailing sentiment among four panelists at a Mortgage Observer breakfast event today at Herrick, Feinstein’s Park Avenue office. Read More

Lease Beat

Equity Investment Firm Relocates to Midtown East

350 Madison

Global equity investment company Beacon Light Capital has relocated roughly nine blocks south of its previous location through a seven-year, 7,178-square-foot lease for the entire 22nd floor of RFR Realty’s 350 Madison Avenue, Commercial Observer has learned.

The company moved to a space with two terraces in the structure between East 44th and East 45th Streets from a smaller spread at 1330 Avenue of the Americas between West 53rd and West 54th Streets. Officials at RFR, which purchased the building for $261.5 million last year, touted the building renovations.

Read More

Lease Beat

Road Runner Capital Partners Renews in Midtown East

800 Third Avenue

Investment firm Road Runner Capital Partners, also known as Schottenfeld Group, will remain in its 20,010-square-foot space at 800 Third Avenue in Midtown East for more than seven additional years, according to SL Green Realty Corp.’s third quarter U.S. Securities and Exchange Commission filing.

The financial firm signed an early lease renewal, thereby “bringing the remaining lease term to 7.2 years,” the filing notes. Read More

Lease Beat

British Tech Firm Signs Lease in Midtown East

685 Third Avenue

Cloud-based business software provider NewVoice Media will transition in the first quarter of 2015 into a permanent New York City office that’s three times the Hampshire, England-based company’s temporary space, Commercial Observer has learned.

The company signed a five-year, 6,487-square-foot lease to move to the 16th floor of TIAA-CREF’s 685 Third Avenue between East 43rd and East 44th Streets from an approximately 2,000-square-foot interim space, officials with Avison Young said. Read More

Lease Beat

Hedge Fund to Expand On West 57th Street

142 West 57th Street

Hedge fund manager and global alternative asset management firm the Och-Ziff Capital Management Group will expand into another West 57th Street skyscraper through a 16-year, 15,586-square-foot lease at Metropolitan Tower, Commercial Observer has learned.

The publicly traded American financial firm will grow its footprint to the entire ninth floor at L&L Holding Company’s 142 West 57th Street in January by adding the new digs to go with its current block of more than 100,000 square feet at the Solow Building Company’s 9 West 57th Street one block east, said David Berkey of L&L. Read More

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