By Al Barbarino 4/11 4:23pm

Lease Beat

Hudson3_ss

SAP Inks 115,000 SF Lease at Hudson Yards

SAP has inked a lease for 115,000 square feet of space at the South Tower of Hudson Yards, the developers of the 15-million-square-foot project on the far west side of Manhattan announced yesterday.

The announcement came along with news that L’Oréal leased 402,000 square feet for their U.S. corporate headquarters at the building, bringing the LEED Gold South Tower to more than 80 percent occupancy. Sources said the deals are for 15 years.

The companies join Coach, which agreed to pay a reported $750 million for its 740,000-square-foot global corporate headquarters in the tower in late 2011, after what Related’s president on the project, Jay Cross, called a three-year negation process.

“We are thrilled that global beauty and software powerhouses L’Oréal and SAP, along with Coach, Inc., will be locating at Hudson Yards,” said Stephen Ross, Related Companies’ Chairman, in a prepared statement.  “With construction already underway, we look forward to continuing to implement our ambitious vision for the defining development of the 21st Century and the new heart of New York.” Read More

By Karsten Strauss 1/09 8:00am

Lease Beat

Adidas will set up a showroom at 435 Hudson Street in Manhattan (photo: oct on Flickr)

Adidas Lands at Hudson Square

International athletic apparel company, Adidas, signed a 10-year, 15,220-square-foot lease at Trinity Real Estate’s 435 Hudson Street. The space will be used by the company’s US-based marketing team as a showroom and event venue.

The asking price was $65 per square foot.

The new location is a relatively short walk from Adidas’ other location at Read More

By Michael Ewing 11/07/12 7:45am

Midtown

West Side Boundaries.

Migration to Hudson Yards Predicted

The West Side of Midtown has increased its presence in the commercial real estate market within the past 20 years. The market now boasts a vacancy rate below 10 percent across all assets.

“To understand this market, it’s important to view it in the context of the history of the last 25 years,” explained Mitch Arkin, an executive director at Cushman & Wakefield. “In the ’80s, the market started pushing west with the development of Carnegie Hall Tower, the Equitable Building, 787 Seventh Avenue, followed by 1585 Broadway, 1540 Broadway, 750 Seventh Avenue, Worldwide Plaza, 1745 Broadway [and] Metropolitan Tower. Those buildings all brought Eighth Avenue and Broadway north of Times Square into Midtown.” Read More

By Daniel Geiger 4/03/12 5:57pm

Lease Beat

225 Park Avenue South

L’Oreal Nearing Midtown South Mega-Deal

Rumors are swirling that L’Oreal, the cosmetics giant, is considering a roughly 500,000-square-foot-lease in Midtown South in what would be the latest blockbuster deal in the city’s hottest market.

L’Oreal is said to be looking at a large block of space being vacated by The Port Authority at 225 and 233 Park avenues, two adjacent buildings that have separate lobbies but interconnect internally. The buildings are owned by Orda Management and a leasing team from the real estate services firm CBRE led by Howard Fiddle handles dealmaking at the properties. Read More