Lease Beat

Tech Firm Takes Top Floor Space in Flatiron District

27 West 24th Street

Digital research and angel investment firm Chaincode Labs will establish its Flatiron District headquarters through a five-year, 4,054-square-foot lease on the top floor of the Kaufman Organization‘s 11-story building at 27 West 24th Street, Commercial Observer has learned.

Asking rents at the property where Kaufman implemented extension renovation efforts in 2012 run $62 per square foot, and the tech firm’s lease means that tech and creative companies have now leased out the entire building, said Kaufman broker Ian Norris. Read More

Lease Beat

Telecom Company Signs Lease at 462 Seventh Avenue

462 Seventh Avenue. (PropertyShark)

Granite Telecommunications has signed a 10-year, 9,750-square-foot lease at 462 Seventh Avenue, Commercial Observer has learned. Asking rent for the space was $48 per square foot.

“Granite Telecommunications were in search for a customizable space in a central location, with easy access to mass transportation hubs. 462 Seventh Avenue affords executives the opportunity to recruit top talent from the Tri-State area,” said Barbara Raskob of the Kaufman Organization, who represented the landlord, in a prepared statement. Read More

Lease Beat

Life Insurance Company Renews Early at 460 West 34th Street

460 West 34th Street.

SBLI USA Mutual Life Insurance Company has signed an eight-year renewal for the entire 33,000-square-foot eighth floor of 460 West 34th Street, Commercial Observer has learned. Asking rent for the space was in the mid-$40s per square foot.

The tenant, formerly known as the Savings Bank Life Insurance Fund, has occupied space in the building since 1987. As previously reported, the New York-based insurance provider had signed a five-year renewal at the building as recently as 2012. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

In Negotiations

Extell Inches Toward Deal to Sell Kaufman Four Ground Leases

119-125 West 24th Street

As soon as next week, Gary Barnett’s Extell Development is slated to sign a contract to sell the long-term ground leases on four Ring portfolio office buildings to the Kaufman Organization, Commercial Observer has learned.

The $150 million deal, to be sealed next week or the week afterward, will include 119-125 West 24th Street, 13-15 West 27th Street, 19-21 West 24th Street and 45-47 West 27th Street, a source with knowledge of the deal said.  Read More

Lease Beat

Trio of Leases Signed in as Many Months at Masonic Hall

71 West 23rd Street

Masonic Hall in the Chelsea-Flatiron area will soon be home to three new commercial tenants, Commercial Observer has learned, as the landlord’s broker, City Connections Realty, brokered three deals at the historic building within a three-month period.

“It’s pretty aggressive in terms of timing, especially in our neighborhood, in terms of closing deals,” said City Connections Realty‘s commercial manager Herb Goldberg, who along with the company’s founder and president, David Schlamm, represented the landlord, the Trustees of the Masonic Hall and Home, in all of the transactions. “The building is really highly desirable. It [has an] old-world charm. It’s the only building owned by this chapter of the masons and it’s really treated with kid gloves. Because it’s their home they include cleaning in the overall rental.” Cleaning costs, he noted, can run from $1.75 to $2.50 a foot. Read More

Lease Beat

EDM Americas Signs Lease at 450 Seventh Avenue

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Document management specialist EDM Americas has signed a 3,135-square-foot lease at 450 Seventh Avenue, Commercial Observer has learned. The Midtown location will be the company’s first New York office.

“The tenant’s space is a very lovely unit with views to the south and east, probably the most desirable views in the building,” said Barbara Raskob of the Kaufman Organization, who represented the landlord. Read More

Lease Beat

Red Payments Renew at 132 West 36th Street

Courtesy of Kaufman Organization and CoStar

Red Payments has renewed its lease in Midtown, the Commercial Observer learned.

The merchant solutions and services firm will continue to operate out of its 16,213-square-foot office on the third floor of Kaufman Organization-owned 132 West 36th Street. The renewal extends through the next seven years. Read More

Lease Beat

TKO Suites to Open Second NYC Location at 42 Broadway

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Office suite provider TKO Suites has signed a 10-year, 11,000-square-foot lease at 42 Broadway. Asking rent for the space was $32 per square foot.

“There is a growing demand for flexible and short term office space in New York City. TKO Suites has a number of clients who need to be downtown, and 42 Broadway presented the company with the perfect solution,” said Arthur Spitalnick, managing director at the Kaufman Organization, who represented the tenant, in a prepared statement. “This space will serve as TKO’s second location in New York City, allowing the company to serve clients in Midtown and Downtown.”

Read More

Lease Beat

Barbarian Group Leaves Tribeca for Flatiron

The Barbarian Group's Social Media Profile Image

The Barbarian Group is relocating its offices to the Flatiron District.

The advertising agency that markets itself as the company that “makes stuff the internet loves” will be moving from its office on Beach Street in Tribeca to 111 West 19th Street. The group will take a 23,000-square-foot space on the seventh floor of the building, according Read More

Lease Beat

EcoHealth Alliance Renews at 460 West 34th Street

460 West 34th Street.

EcoHealth Alliance has signed a 10-year renewal for its 11,000-square-foot space on the 17th floor at the Kaufman Organization’s 460 West 34th Street.

“EcoHealth loves the building and the neighborhood, especially as the Hudson Yards District continues to emerge as one of the most exciting new areas in Manhattan,” said James Emden, vice chairman at Colliers International, in a statement. “We explored relocation options, but the Kaufman Organization has been a tremendous partner. Signing an early renewal for the existing space was the most desirable option.” Read More

Assignments

CBRE Named Exclusive Agent at 1407 Broadway

1407 Broadway

CBRE has been named the exclusive leasing agent at 1407 Broadway, The Commercial Observer has learned. Peter Turchin will lead the leasing team at the Lightstone Group’s 1-million-square-foot Midtown office building.

In addition to naming a new leasing team, ownership will soon begin repositioning the property, including upgrading the building’s lobby and retail façade—all with a view toward attracting a broader tenant base. Read More

Lease Beat

Engineering Firm Relocates to Times Square

(Credit: CoStar)

Engineering firm Simpson, Gumpertz & Heger, Inc. has signed a seven-year, 11,695 square-foot lease and relocation to 550 Seventh Avenue.

The full, 10th floor space will be used as the company’s New York City headquarters after its relocation from its West 34th Street offices, where the company was leasing several floors. The new space features Read More

Lease Beat

Tech and Media Moving in at Moinian’s 37 West 17th Street

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Decision Desk and Eastern Harbor Media have both signed five-year, 2,500-square-foot leases at the Moinian Group‘s 37 West 17th Street property, where asking rent was $42 per square foot.

“The whole neighborhood is a magnet for tech and digital media companies,” Eliot Warren of the Kaufman Organization, who represented the tenants, told The Commercial Observer. Read More