Lease Beat

Investment Research Company Signs for 30K SF at 4 WTC

4 World Trade Center

Independent investment research provider Morningstar will move its New York City offices from Midtown to downtown in the middle of 2015 through a 10-year, 30,000-square-foot lease at 4 World Trade Center, Silverstein Properties announced today.

The company that currently operates out of a 7,500-square-foot office at 1065 Avenue of the Americas near Bryant Park will join the city government of New York, trade center site owner the Port Authority of New York & New Jersey and the MediaMath company at 4 WTC by taking space on the 48th floor of the award-winning 2.3-million-square-foot skyscraper designed by Fumihiko Maki, said Joe Mansueto, chairman and CEO of Morningstar. Read More

Awards

REBNY Bestows ‘Ingenious Deal’ Awards

101 Park Avenue.

It was a veritable who’s who of New York City commercial real estate at the Real Estate Board of New York‘s “Most Ingenious Deal of the Year Awards” last night.

The awards for deals done in 2013 were presented at the 70th sales brokers committee cocktail party at Club 101, at 101 Park AvenueWoody Heller, an executive managing director and group head of the capital transactions group of Studley in New York, MC’d the event. Read More

Lease Beat

3WTC Lands First Tenant

3-wtc2

GroupM has signed a 20-year lease at 3 World Trade Center for roughly 516,000 square feet across nine floors at the base of the 80-story tower, becoming the building’s first tenant and allowing Silverstein Properties to move forward with its financing and construction of the property.

The media investment management group will consolidate its 2,400 employees from several Midtown locations to 3WTC when it moves into the building, which will open in 2017.  Read More

Lease Beat

New York City HHC Takes 220K at 55 Water Street

Courtesy of Wikipedia

New York City Health and Hospitals Corp. has inked a 220,000-square-foot deal in the Financial District.

Operating all of the public hospitals and clinics in New York City, HHC will be moving its headquarters off of the fifth floor of 346 Broadway to  55 Water Street. The new office will take three of the massive floor plates of 55 Water Street, spanning across the 24th, 25th, and 26th floor to comprise its 220,000-square-foot office. 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

Crain Communications Moving Next Door on Third Avenue

685-third-ave_opt

Business media company Crain Communications, owner a wealth of trade publications and consumer brand names, announced on Monday that it is moving its headquarters to 685 Third Avenue after signing a 58,527-square-foot lease.

One of the firm’s publications, Crain’s New York Business, reported that the company plans to relocate from its current offices – next Read More

Lease Beat

Condé Nast Bulks Up Downtown Presence, Signs For 80,000 Square Feet At 222 Broadway

222 Broadway

[Update: This story had been corrected to reflect that Condé Nast is still in the final stages of discussions regarding this lease]

Condé Nast is in final negotiations to sign an 80,000-square-foot lease at 222 Broadway, building on the publishing giant’s footprint in Lower Manhattan as it prepares to move to 1 World Trade Center.

CBRE New York C.E.O. Mary Ann Tighe and Vice Chairman Gregory Tosko represented the tenant. David Berkey represented the landlord, L&L Holdings, in-house. Read More

Lease Beat

55 Water Street Lands Liberty Mutual Renewal and Expansion

55 Water Street

Liberty Mutual has signed a 10-year, 120,000-square-foot lease at 55 Water Street, a success story to emerge amid a massive renovation project launched in response to a string of misfortunes brought by Hurricane Sandy.

The insurance company doubles its space in the building with the deal, moving from the 18th floor to the 22nd and 23rd floors.

“It’s great news for the landlord and it’s great news for Downtown,” said CBRE’s Brad Gerla, who represented the landlord with Mary Ann TigheHoward Fiddle and Evan Haskel.

New Water Street Corp. is putting $200 million into the building after it took on some 32 million gallons of water during the storm.  The project includes the transport of key electrical, mechanical and communications equipment to the 3rd floor and storm-proofing to protect against future disasters.

“This landlord went over and above to secure the building and to make sure that something like this doesn’t happen again,” Mr. Gerla said. Read More

Development

Developers Break Ground at 7 Bryant Park

Rendering of 7 Bryant Park

Developers broke ground at 7 Bryant Park yesterday, with a consortium of public officials including Mayor Michael Bloomberg gathering to pitch the trophy office tower as a boon for the city.

Politicians are touting the planned 28-story, 470,000-square-foot steel and glass tower, slated for completion in the first quarter of 2015, as a magnet for good jobs, talent and companies.

“The best days are still to come to Bryant Park – a place the city has worked hard to bring roaring back to life,” Mr. Bloomberg said at the ceremony, adding that the project will bring “more top-tier, cutting-edge commercial space, and more leading companies and their tax revenue to Midtown Manhattan.” Read More

Postings

Ballroom Waltz: A Minute-By-Minute Account of Last Night’s REBNY Gala

REBNY Ballroom final

Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.

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concrete thoughts

To REBNY With Love

knakal-silo-for-web

If you are a regular reader of Concrete Thoughts, you know that I think networking is extremely valuable for participants in our commercial real estate market.

One of the main benefits of networking is getting to meet people face-to-face and developing relationships that are lasting and lead to business opportunities. One of the best trade organizations through which to network is the Real Estate Board of New York.

This week, REBNY is holding its 117th annual banquet, so I thought it appropriate to recognize the tremendous work that the board does on behalf of our industry. Not only does REBNY provide tremendous networking opportunities, it’s also a leading advocate for our industry. Read More

REBNY2013

IN-SPEYER-ING: Tishman Speyer President Rob Speyer on REBNY

Rob Speyer

In July, the Real Estate Board of New York announced that Rob Speyer, 43, president and co-CEO of Tishman Speyer, would succeed Mary Ann Tighe to become its youngest chairman ever. Stepping in this month, he is the third successive generation of his family to hold the post—also a first in the organization’s 117-year history. Though he might have a reputation as being media-shy, Mr. Speyer’s success in real estate is no secret—his company has completed $6 billion in new transactions and raised $4.5 billion of new equity since 2010. Mr. Speyer sat down with The Commercial Observer last week for a rare interview to discuss his new appointment, his agenda for REBNY in 2013, following in his father and grandfather’s footsteps, and the best way forward for New York City as global competition ramps up.  

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