Lease Beat

Edward Minskoff in Negotiations to Fully Lease 51 Astor Place

51 Astor Place.

Edward Minskoff is “optimistic” that the IBM Watson building at 51 Astor Place will be fully leased within the next month-and-a-half, as negotiations for the property’s final two floors play out following a leasing frenzy that has filled most of the “spec” tower. 

Deals for floors 10 and 11 would follow the string of high-profile leases that brought in reported rents that in some cases stretched well beyond $100 per square foot. Read More

Lease Beat

Marine Insurer Relocating on Third Avenue

757 Third Avenue.

The North American office of Oslo-based marine insurer Skuld will relocate to 757 Third Avenue from 805 Third Avenue, Commercial Observer has learned. The company has signed a 10-year lease for the entire 6,961-square-foot 25th floor of the RFR Realty-owned building.

The deal continues a brisk leasing pace at 757 Third Avenue, where Berkley Insurance Company, Laura Pomerantz Real Estate and Grant Thornton have all recently signed deals. Read More

Lease Beat

Juice Press to Move Production and Distribution to Falchi Building

The Falchi Building at 31-00 47th Avenue in Long Island City.

Rapidly expanding raw juice and smoothie bar Juice Press has signed a 10-year, 13,459-square-foot lease on the ground floor of Jamestown PropertiesFalchi Building, Commercial Observer has learned.

The company will consolidate its production and distribution to the Long Island City building from two Manhattan retail locations. The ground floor space includes access to a loading dock, which will ease the delivery of fresh produce, according to the tenant brokers.  Read More

Real Estate Investment

Strength in Real Estate Stocks May Signal Merger/Acquisition Spike

JLL Stock Continues to Rise. (Credit: Google)

The bumpy start to the S&P 500 index so far this year is no match for the gains seen among two of commercial real estate’s largest firms, and a report in the Wall Street Journal argues that investors’ faith in continued prosperity could signal an active year for mergers, acquisitions and expansions in the industry. 

While the S&P is down about 0.7 percent since Jan. 1, CBRE’s shares are up 4.3% and Jones Lang LaSalle’s is up 18.3%; with both stocks, listed on the New York Stock Exchange, trading near their 52-week highs, while Jones Lang LaSalle is close to setting a record.

Read More

Lease Beat

Comerica Expands at 230 Park Avenue

230 Park Avenue in lit in Seattle Seahawks colors for the Super Bowl

Comerica Incorporated has expanded by 7,286 square feet on the sixth floor of 230 Park Avenue, the building’s landlord announced this week.

The Dallas, Texas-headquartered financial services company now occupies a total of 13,158 square feet at the Monday Properties and Invesco-owned building. The company has steadily grown its presence at 230 Park Avenue over the past year, expanding by 2,000 square feet in 2013 to approximately 5,900 square feet. Read More

Lease Beat

Another Tech Support Firm Signs at 100 Wall Street

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Apex Systems, Inc. has signed a new seven-year, 4,318-square-foot lease at Savanna’s 100 Wall Street, Commercial Observer has learned.

The company, a leading provider of information tech staffing, follows a string of tech/creative tenants that have filled roughly 50,000 square feet in the Downtown building over the last 15 months.

Savanna’s Downtown portfolio, which consists Read More

Lease Beat

Two New Deals Signed at 17 State Street

rfr_17-state-street

Two financial services firms have signed new deals at RFR Realty’s 17 State Street, Commercial Observer has learned.

In the larger of the two deals, World Trade Financial Group has signed a 10-year, 13,030-square-foot deal for portions of the 38th and 39th floors. The tenant will pay rent in the mid-$50s per square foot, according to data from CompStak. Read More

Lease Beat

Media Company Takes Full Floor at Macklowe’s 386 Park Avenue South

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Advertising and marketing communications agency Lowe Campbell Ewald has signed a 10-year, 13,121-square-foot lease at William Macklowe Company’s 386 Park Avenue South, Commercial Observer has learned.

The subsidiary of Interpublic Group of Companies takes the entire 15th floor in the renovated 20-story Midtown South office building, located on the corner of Park Avenue South and Read More

Lease Beat

Law Firm Takes Jones Day Space at 222 East 41st Street

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Wood Smith Henning & Berman has signed an 11,972-square-foot sublease from Jones Day at 222 East 41st Street, Commercial Observer has learned. Asking rent for the space was $45 per square foot.

“We started off our search downtown and worked our way uptown,” said Kirill Azovtsev of Jones Lang LaSalle, who represented the tenant. “The proximity to Grand Central was a big driver.” Read More

Lease Beat

Private Equity Firm Signs One Grand Central Place Lease

1 Grand Central Place

Private equity group 3i has signed a 10-year, 12,723-square-foot lease at Empire State Realty Trust’s One Grand Central Place, Commercial Observer has learned.

Founded in 1945 with £15 million of capital, today 3i boasts nearly £12 billion of assets under management. The company, headquartered in London, operates offices worldwide and will relocate its New York location to the 41st floor of One Grand Central Place from 400 Madison Avenue. Read More

Lease Beat

RK Bridal Moving to the Far West Side

619 West 54th Street.

RK Bridal has signed a 10-year, 32,512-square-foot lease on the fifth floor of Taconic Investment Partners619 West 54th Street, Commercial Observer has learned.

The wedding gown retailer will pay rent starting in the mid-$30s per square foot after approximately six months of free rent, according to data from CompStak. The tenant is expected to relocate from its current location at 318 West 39th Street in the Garment District during the second quarter. Read More