By Gus Delaporte 5/16 10:00am

The Plan

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Check Out Prebuilts and PIOs at W&H Properties’ 250 West 57th Street

W&H Properties, a subsidiary of Malkin Holdings, has instituted two leasing programs at the repositioned 250 West 57th Street, whose operator has updated the lobby, added new elevator cabs, and renovated the public corridors, bathrooms and building systems.

The first offering is a prebuilt program, which Delta Dental has taken advantage of on the building’s sixth floor in a 2,348-square-foot space. The other is the PIO, or prepared for immediate occupancy program, which law firm Weinman Schnee Morais has opted for in a 1,862-square-foot suite on the 22nd floor.

Fred Posniak, senior vice president of Malkin Properties, spoke to The Commercial Observer about both leasing programs and spaces, offering details on the differences between them and how they appeal to individual tenants. Read More

By Gus Delaporte 5/02 9:00am

Postings

CO POSTINGS 4-30

Power 100 Heat Map

From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.

Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.

Below, a sampling of where power thrives in New York City in 2013. Read More

By Gus Delaporte 4/04 7:30am

Lease Beat

250west57

AT&T Wireless to Open “World Store” at 250 West 57th Street

AT&T Wireless has signed a 10-year lease for 3,797 square feet on the ground floor of W&H Properties’ 250 West 57th Street. The space has been earmarked for the wireless telecommunications company’s “World Store.” Starting rent for the lease is $350 per square foot.

“There aren’t very many boxes like this, it’s a terrific configuration for [AT&T Wireless],” Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties, told The Commercial Observer. Read More

By Gus Delaporte 4/02 7:30am

Lease Beat

1400broadway

Interpublic Group Signs Lease at 1400 Broadway

The Interpublic Group of Companies (IPG) has signed a lease for 87,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of the advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.

IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.

The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website. Read More

By Stephen Kleege 4/02 7:00am

Cover Story

TO GO WITH AFP STORY: US-economy-propert

Midtown Madness: Leasing Still Sluggish in Manhattan’s Priciest Market

Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.

With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.

“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.” Read More

By Al Barbarino 3/15 5:39pm

REIT Beat

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Malkins Reportedly Gain Broad Support for Empire State Building IPO

The owners of the Empire State Building are reportedly edging closer to obtaining the number of shareholder approvals needed to support the once-controversial $1 billion launch of a public REIT that would include the storied building as an asset.

Owners Peter Malkin and Anthony Malkin of Malkin Holdings wrote in a letter to shareholders that, of those who have voted, 90 percent of the tower’s unit-holders have approved the plan; as well as 95 percent at 1 Grand Central Place; and 97 percent at 250 West 57th Street, Bloomberg reported.

“This remarkable level of participation in such a short period has exceeded our hopes,” the Malkins said in the letter, according to Bloomberg. “We encourage the very small percentage of participants who have voted against any proposal to consider now changing their votes to be for all the proposals.” Read More

By Billy Gray and Al Barbarino 11/21/12 7:30am

Postings

The Thanksgiving Turkey float during th

Real Estate Leaders Give Thanks

Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.

Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.

After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
Read More

By Stephen Kleege 11/06/12 7:45am

Midtown

Murray Hill Boundaries.

Empire State Building Tenant Roster Cut to Third of Size Since 2006: Malkin

The Empire State Building is becoming a more exclusive address.

The tenant roster in the iconic 81-year-old skyscraper has been cut to 171 companies from more than 600 in 2006, before Malkin Holdings took over supervision of the property. The average rent has increased to $42.10 a square foot from about $26. The building, which is among the few notable commercial assets in Murray Hill, is approximately 20 percent vacant, partly because Malkin is keeping space off the market as it looks to assemble offices suited to larger users. Read More

By Alessia Pirolo 11/02/12 4:16pm

Lease Beat

Empire State Building.

LinkedIn Expands its Office at Empire State Building

LinkedIn, the social network for work professionals that boasts more than 187 million members across 200 countries, is expanding its New York office space in the iconic Empire State Building. The company has inked a 10-years lease for 40,781 square feet of space on the 23rd floor of the building, where it is reaching a total occupancy of 72,523 square feet. The asking rent for the new space was $51 per square foot. Read More

By Michael Ewing 9/17/12 7:30am

Lease Beat

Courtesy of Malkin Properties

Fresh & Co. Opens Sixth NYC Location

Fresh & Co. is set to open a new location in Midtown in early 2013.

The announcement comes in recent light of the eatery’s fifth location on the corner of Broadway and Waverly Place, replacing the local twenty-four hour deli, Delion. The new, sixth location will open at W&H Properties‘ 1359 Broadway catering to those between Penn Station and Bryant Park. Read More

By Jotham Sederstrom 7/27/12 7:00am

The Plan

The Plan

Check Out 250 West 57th Street’s First Full-Floor Tenant Since the Early 1980s

When executives at Malkin Holdings’ W&H Properties chose to reposition the Empire State Building and several other assets prior to the downturn, few expected that 250 West 57th Street, a building chock-a-block with 150-square-foot offices, would experience such a rapid transformation. But sure enough, less than five years after those ambitious renovations began, the building welcomed its first full-floor tenant in three decades, thanks to a leasing deal with Perseus Books Group in February. Seeking to consolidate two offices in New York City, the publishing group took the 26,104-square-foot 15th floor earlier this year and expects to consolidate and expand over the next few weeks. After the jump, Anthony Malkin, president of Malkin Holdings, reviews the furniture plan and the Mufson Partnership architectural designs with The Commercial Observer and discusses why, exactly, Perseus chose 250 West 57th Street. Read More

By Michael Ewing 7/23/12 1:27pm

Lease Beat

Courtesy of Malkin Properties

LJAF Opens Office in New York

The Laura and John Arnold Foundation, a Houston-based nonprofit, is set to open an office in New York in September.

Forbes-listed billionaire John Arnold established the foundation to support criminal justice, education, and public accountability. Their latest work includes the ERIN Project, a powerful tool that analyzes K-12 education in the United States.

LJAF has signed Read More

By Michael Ewing 7/16/12 7:30am

Lease Beat

Courtesy of Wikipedia

LinkedIn Grabs 10K In Empire State Building

LinkedIn is set to expand 10,400 square feet on the 24th floor in the Empire State Building.

“Their sales force is expanding in New York City and they are out of space on their main floor,” Sacha Zarba, a senior vice president ofCBRE explained.

LinkedIn initially moved into the building in 2010 and has maintained Read More