Lease Beat

Video Advertisers Expand Big in Times Square Move

1501 Broadway

Video advertising agency Tremor Video will more than triple its headquarters next year through a 50,965-square-foot lease at the Paramount Building at 1501 Broadway in Times Square, Avison Young announced yesterday.

The digital advertising firm, which boasted a nearly 31 percent jump in revenue over the past year, according to its website, will relocate from a 16,000-square-foot space at 53 West 23rd Street in Midtown South and eventually occupy the entire eighth floor of the building once known for being the home of the motion picture company bearing its name, Avison officials said. Read More

Lease Beat

Western Union Signs Direct Deal for its Space at 199 Water

199 Water Street

Western Union, which currently leases a 29th floor space at 199 Water Street as a subtenant of Wells Fargo, will now lease it directly from landlord Jack Resnick & Sons, Commercial Observer has learned. 

The worldwide global payment services company’s new 10-year direct lease of 20,689 square feet in the 1.1 million-square-foot lower Manhattan building will start on Jan. 1. Asking rents were in the high $40s per square foot. Read More

Univision Renews, Expands at 485 Madison Avenue, Now Fully Occupied

img1

Univision renewed a long-term lease and expanded by 5,500 square feet at 485 Madison Avenue, giving the broadcaster a 21,234-square-foot presence there and pushing the building to 100-percent occupancy.

America’s largest Spanish-language radio company now leases the entire third floor and part of the second floor of the Jack Resnick & Sons-owned building on Madison Avenue at 52nd Street. Dennis P. Brady and Fran Delgorio represented Jack Resnick & Sons in-house. Michael Gottlieb and Martin Cottingham of Avison Young represented the tenant. Read More

The Lobby

Avison Young Hires Newmark’s Michael Leff

Avison Young's newest principal, Michael A. Leff.

Canada-based real estate firm, Avison Young, continues its poaching expedition, announcing today that Michael A. Leff has been named principal and will operate, effective immediately, from the company’s New York office. Mr. Leff, formerly a senior managing director with Newmark Grubb Knight Frank, will shoulder a number of responsibilities, including site selection, lease negotiation, strategic Read More

Power Broker

The Head Hunter: Avison Young’s Greg Kraut on the Art of the Big Poach

Greg Kraut.

At CBRE Greg Kraut always seemed to be cut from a different cloth.

The real estate services firm is the biggest in the world, and in Manhattan its brokers handle many of the city’s largest commercial leases—deals that are often hundreds of thousands of square feet in size. In his mid-30s at the time, Mr. Kraut wasn’t focused on becoming a master of the city’s dealmaking universe. He liked to work alone, and he dedicated his time to smaller and mid-size deals—anywhere from 5,000 square feet to 20,000 square feet or more—and churned out transactions with notable consistency.

His track record earned him a different kind of reputation. From the list of deals he amassed at CBRE, it was easy to tell he had an undeniable knack for connecting with start-up companies and smaller tenants who had blossoming space requirements.

At a firm widely considered the city’s epicenter of brokerage, Mr. Kraut had carved out a quiet niche for himself. By building a stable of clients and sticking with them over the long term as they expanded, Mr. Kraut seemed to have firmly embraced a patient approach to the business that, with a lot of luck and hard work, could have, one day, placed him near CBRE’s top executives.

As it turns out, however, Mr. Kraut isn’t patient at all. Read More

The Lobby

Grubb & Ellis’ Top Agent Goes to Avison

Avison Young.

Michael Gottlieb, a top leasing executive formerly at Grubb & Ellis, is going to Avison Young, the Canadian real estate services firm making a push to bulk up substantially in Manhattan.

Mr. Gottlieb was one of most highly regarded dealmakers at Grubb & Ellis, which had lost brokerage talent as the firm faultered towards bankruptcy Read More