Obituaries

Prolific Dealmaker Matthew Stacom Dead at 95

Stacom

Matthew Stacom, a former top broker at Cushman & Wakefield and prolific dealmaker who orchestrated the sale of the development site that would become the Sears Tower, has died. He was 95.

Mr. Stacom began his career with Cushman & Wakefield in 1946, staying on with the brokerage for nearly seven decades and completing several high profile Read More

Year in Real Estate

The 10 Biggest Leases of 2013

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For two years in row, 1 World Trade Center scored among the city’s largest transaction, starting with 2011’s Condé Nast showstopper and following with last year’s 270,000-square-foot UGS deal. But in 2013, the buzz moved uptown when another marquee deal, L’Oreal’s 400,000-square-foot commitment to the Related Companies, stole the headlines at the new Hudson Yards development.

Last year was a relatively modest one compared to 2011 when it came to office leasing, but 2013 saw a significant rebound—the top 10 deals totaled more than 2.7 million square feet, a 50 percent increase year over year. Like 2012, a variety of sectors made the list, from financial services to law firms to the media and publishing industries.

Below are the top 10 leases of 2013 by square footage, courtesy of Cushman & Wakefield.

Read More

Year in Real Estate

The House That L’Oreal Built

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Back in 2011, Coach agreed to pay a reported $750 million for its 740,000-square-foot global corporate headquarters in Related’s South Tower at Hudson Yards. 

That deal may have been the official stamp of approval for the massive project rising on the city’s west side, but the announcements in April that SAP America, Inc. and L’Oréal Read More

The Lobby

Related Hires CBRE’s Stephen Winter

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On the heels of his inclusion in The Commercial Observer’s30 Under 30” list last month, CBRE’s Stephen Winter is bouncing over to Related Companies as its new vice president of commercial leasing, overseeing leasing efforts at Hudson Yards.

Until now a rising star at CBRE – in 2012, the Real Estate Board of New Read More

Lease Beat

Brooklyn’s City Point Lands First Office Tenant

A rendering of City Point

Artist management and creative content agency Art Partner has signed a 15-year lease to occupy 10,000 square feet at the City Point in Downtown Brooklyn, becoming the development site’s first office tenant.

The agency, whose services include production, syndication and licensing for print, film, social media and more, plans to relocate from its Hudson Square Read More

Lease Beat

Fairway Market Inks on Far West Side at Hudson Yards

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Fairway Market, the upscale grocer with more than a dozen locations across the tristate area, has inked a 46,000-square-foot deal at the center of the highly anticipated Hudson Yards complex.

The new location, Fairway’s 14th, will open at the corner of West 30th Street and 10th Avenue in what is being referred to as the South Tower of Hudson Yards. It’s slated to open in 2015, according to Crain’s New York, which first reported the news last week.

With annual revenues totaling $800 million, the grocer has been expanding rapidly in recent years. The company initially took space outside the city with markets opening in Paramus, New Jersey; Stamford, Connecticut; and Pelham Manor in Westchester.

Fairway also opened locations on the Upper East Side and Queens in 2011, Kips Bay in 2012, and most recently Chelsea on the Avenue of the Americas in July. Read More

The Sit-Down

What About Bob: CBRE’s Robert Alexander on Hudson Yards

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In 2005, CBRE broker Mary Ann Tighe told The New York Times that there had never been a “phenomenon quite like Bob Alexander.” What’s more phenomenal is that the 58-year-old chairman of the firm’s tristate region still ranks among its top brokers, having landed some of the city’s highest-profile deals this year as a lead broker representing Read More

Lease Beat

SAP Inks 115,000 SF Lease at Hudson Yards

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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

Lease Beat

Adidas Lands at Hudson Square

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

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

Midtown

Migration to Hudson Yards Predicted

West Side Boundaries.

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

Lease Beat

L’Oreal Nearing Midtown South Mega-Deal

225 Park Avenue South

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