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

Lease Beat

WeWork Leases 120,537 Square Feet at 222 Broadway, Builds Momentum of “Downtown North”

222 Broadway.

The collaborative workspace provider WeWork signed a 16-year, 120,537-square-foot lease at 222 Broadway, The Commercial Observer has learned.

David Berkey and Andrew Wiener represented the building owner L&L Holding Company in-house. Mark Lapidus of WeWork and Sean Black of Jones Lang LaSalle represented the tenant. Asking rents at 222 Broadway are in the mid-$50 per square foot range.

WeWork typically provides communal office space to tech and new media companies, making the lease another sign of Lower Manhattan’s growing appeal to that type of firm. Mr. Berkey was quick to point out that tech and media tenants are “nothing new” in the neighborhood.

“I’ve been telling whoever will listen that for two years now we’ve seen nothing but this kind of tenant here and at [L&L's] 195 Broadway,” Mr. Berkey said. “We haven’t seen financial services or law firm tenants. It’s not a new phenomenon by any stretch.” Read More

Anniversaries

The 1993 World Trade Center Bombing: 20 Years Later

29trade190

When terrorists detonated a monster bomb in the underground parking garage at the World Trade Center’s North Tower on February 26, 1993, it shook the city with seismic strength.

Six people died and 1,042 were injured in the bombing.  But it came before the widespread understanding, blunt as it was, that terrorists wanted to kill Read More

Lease Beat

IMG Worldwide Does 30K S/F Deal At 200 Fifth Avenue

200 Fifth Avenue

IMG Worldwide has leased nearly 30,000 square feet at 200 Fifth Avenue, roughly half of the building’s seventh floor, for 15-years.

IMG is a media and marketing company involved primarily in television production and talent management. The company will be relocating to the space from the General Motors Building in Midtown. Read More