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

Power Broker

L&L’s Andrew Wiener Is Building With Legos

Andrew Weiner. (Adam Jones)

Andrew Wiener of L&L Holding Company has worked on high-profile Midtown South deals like Lego System’s new flagship at the former International Toy Center and Gawker Media’s 2015 planned relocation to 114 Fifth Avenue.

The director of leasing for the privately held owner, operator and property manager, Mr. Wiener partners with veteran David C. Berkey, and the duo, along with Samantha Fishbone, are tasked with leasing the firm’s 6.5-million-square-foot portfolio of Class A commercial office buildings primarily in Manhattan. Read More

Grand Openings

Lego’s Flagship Store to Soft Open This Week [Updated]

Inside the new Lego store at 200 Fifth Avenue, as of  last week.

Lego’s New York City flagship will soft open at 200 Fifth Avenue this Friday at 11 a.m., according to a spokeswoman for LEGO Systems, and the grand opening is scheduled to span Columbus Day weekend.

The toy manufacturer is a couple of months behind schedule as it was supposed to soft-open in mid-July and then officially open over the course of a weekend in August, DNAinfo reported in April.  Read More

Lease Beat

Gawker Relocating to 114 Fifth Avenue

114 Fifth Avenue

Media company Gawker Media LLC, known for verticals Gizmodo, Jezebel, Valleywag and Deadspin, has signed a 15-year lease for 58,900 square feet spanning three full floors at 114 Fifth Avenue.

“We will be moving out of the walk-up Nolita loft space that has been our home since 2008. Earlier today, we signed a lease for three floors of 114 Fifth Avenue,” Gawker owner Nick Denton wrote in a staff memo that will go out this afternoon, and obtained by New York Observer. Gawker will have its own entrance on 17th Street. Read More

Sales Beat

Prudential, L&L Acquire 511-541 West 25th Street

511 West 25th Street. (PropertyShark)

Prudential Real Estate Investors and L&L Holding Company have acquired 511-541 West 25th Street from the Related Companies in a $160 million joint venture, the buyers announced in a statement yesterday.

The interconnected office properties are located in the shadow of the High Line and boast 200,000 square feet of space and 300 feet of retail frontage. The century-old buildings were renovated within the past two years. Read More

Sales Beat

Deutsche to Buy Stake in 222 Broadway: Report

222 Broadway.

Deutsche Asset & Wealth Management has agreed to acquire a 95-percent stake in 222 Broadway, Real Estate Alert reported yesterday. The deal, brokered by Eastdil Secured, values the property at approximately $500 million.

Beacon Capital and L&L Holding Company paid Bank of America $230 million for the building in 2012. Boston-based Beacon is selling its equity stake in the building while L&L will stay on as a partner and building manager, according to the report. Read More

New Developments

Developers, WeWork Eye Former Prison

550 West 20th Street. (Credit: PropertyShark)

A number of developers and co-working giant WeWork toured the former Bayview Correctional Facility, a defunct women’s prison in Chelsea, with an eye toward possibly bidding on the property, according to a report by The Wall Street Journal.

The Related Companies, L&L Holding Company, Taconic Investment Partners and William Macklowe Company toured the facility, the Journal reported. The list of other potential suitors that viewed the property includes the rapidly expanding co-working space provider WeWork, Steinway Musical Instruments and Avenues: The World School. Read More

East 23rd Street

Flatiron BID Looks to Draw High-Profile Tenants to East 23rd Street [Updated]

View of 23rd Street facing west from Park Avenue South

Flatiron 23rd Street Partnership is hoping to raise the profile of one stretch of its district that has been under the radar, in part due to scaffolding that has been up for years: East 23rd Street between Third Avenue and Avenue of the Americas.

With streetscape and free public wireless network projects underway, the BID’s executive director, Jennifer Brown, told Commercial Observer that she hopes sprucing up East 23rd Street will help “attract” high-quality tenants. Read More

The Sit-Down

No Holding Back: Robert Lapidus

LeaRubinPhoto_IMG_9538

Robert Lapidus remembers Midtown South vividly. Not the red hot Midtown South of today, but the Midtown South from nearly a decade and a half ago, when his firm, L&L Holding Company, bought 150 Fifth Avenue. Rents in the building were $26 per square foot, the property was operating “like a hotel,” and the submarket Read More

Lease Beat

Zara Headed to FiDi

Rendering of the south view of 222 Broadway, soon-to-be home to Zara

Fashion retail giant Zara signed a 15-year, 30,000-square-foot lease at 222 Broadway, between Ann and Fulton Streets, in the Financial District.

 L&L Holding Company and Beacon Capital Partners are moving the building’s lobby entrance to Fulton Street to make room for Zara, the flagship retail brand of Spanish fashion giant Inditex. The two-story wrap-around store, slated to open late this year or early next year, will have space on the ground, second and lower levels of the building. Read More

Lease Beat

Mashable Relocating to 114 Fifth Avenue

(Image via PropertyShark)

Tech and social media news blog Mashable has signed a 10-year, 38,580 square-foot lease for the entire 14th and 15th floors at 114 Fifth Avenue, becoming L&L Holding Company’s first long-term tenant at the redeveloped office tower. 

The media company expects to relocate from its current New York headquarters at 304 Park Avenue South later this year, according to an announcement released this afternoon. Read More

ICSC 2013

Courting the Foodies: These Aren’t Your Father’s Food Courts

Consumer Spending Aids In First Quarter Economic Growth In U.S.

In 2010, harried Manhattan office workers were hungry for new lunch options.

Food trucks were somewhat novel and all the rage. Puckish restaurateurs like David Chang (Momofuku) had dispensed with tablecloths and seatbacks and made barebones eateries the hottest tickets in town. Flea markets, with their quirky food vendors, had stormed Brooklyn and downtown Manhattan. Read More