Lease Beat

Law Firm Renews, Expands at 950 Third Avenue

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Kauff McGuire & Margolis LLP has signed a 10-year renewal and expansion at 950 Third Avenue, The Commercial Observer has learned. The tenant will now occupy approximately 24,000 square feet on the 14th and 15th floors of the East Midtown building.

The firm, which operates an additional office in Los Angeles, specializes in labor law. KM&M’s clients have included Brookfield Properties, AMC Networks, Conde Nast, NBC Universal and others. Read More

Lease Beat

Pixafy Relocates to 810 Seventh Avenue

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Pixafy has signed a 10-year lease for the entire 17,320-square-foot 37th floor at SL Green’s 810 Seventh Avenue, The Commercial Observer has learned. The company will pay rent starting in the mid-$60s per square foot, according to data from CompStak.

Pixafy relocated from 475 Park Avenue South earlier this month after a seven-month, 40-building search for new office space. It is the company’s third relocation since its founding in 2010. Read More

Lease Beat

Major, Lindsey & Africa Takes Nearly 22,000 SF at 521 Fifth Avenue

521 Fifth Avenue

Legal industry recruiter Major, Lindsey & Africa has signed a 10-year lease at SL Green Realty Corp’s 521 Fifth Avenue.

The transaction, coupled with Chinatrust Commercial Bank, Ltd.’s lease at the building, which was also just announced, raises occupancy at the 463,000-square-foot, 39-story boutique office building, located two blocks from Grand Central Terminal, to 98 percent, according to a statement from SL Green.

“Leasing activity at the building accelerated at the end of 2012,” said Steven Durels, director of leasing at SL Green, adding that “comprehensive redevelopment and value-oriented rents have attracted several new tenants to the building.” Read More

Leasing Assignments

Cushman & Wakefield Marketing 100,000 SF Being Vacated by Pearson at 1330 Avenue of the Americas

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Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.

Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.

“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty.  “This is a very rare opportunity that allows for top of building signage just outside of Times Square. Read More

Postings

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

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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.

Read More

The Plan

Check Out Coller Capital’s Floor Plan

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When a financial services firm vacated the 29th floor of 950 Third Avenue earlier this year, the building’s owners, Naomi and Andre Althoz, deemed the space entirely unsalvageable.

“The landlord at that point demolished the floor and white-boxed it and turned it into a marketing center for the building,” said Mikael Nahmias, the Cushman & Wakefield broker who, along with Jared Horowitz, acts as leasing agent for the East 57th Street building.

Within four months, however, executives at Coller Capital, a boutique private equities firm, came upon the 11,500-square-foot floor plate and its views of Central Park and the East and Hudson Rivers and made a decision to relocate from offices at 410 Park Avenue following an agreement by the landlord to custom-build the space to the tenant’s specific preferences.

After the jump, Mr. Nahmias reviews the plan with The Commercial Observer and discussed why officials at Coller Capital chose to ink a deal earlier this month at Naomi and Andre Althoz’s 32-story office tower. Read More

Lease Beat

Balyasny Asset Management Takes Expansion Space at 950 Third Avenue

950 Third Avenue (photo courtesy of CoStar)

Balyasny Asset Management, a hedge fund founded by Dmitry Balyasny, has taken extra office space at 950 Third AvenueThe Commercial Observer has learned.

The company will occupy a 7,700 square foot space on a portion of the fifth floor in the 32-story office tower.

Asking rent for the 7-year lease was in the high-$50s-a-square-foot. Mikael Nahmias and Jared Horowitz represented Naomi and Andre Althoz, the landlords of 950 Third Avenue who bought the 356,020 square foot building for $74.4 million in 2010. Read More

Lease Beat

Coller Capital Collars New Office Space at 950 Third Avenue

950 Third Avenue (Photo courtesy of CoStar)

Private equity secondaries market specialists Coller Capital has inked a new lease for 11,542 square feet at 950 Third Avenue, The Commercial Observer has learned.

The company will be moving out of its current offices at 410 Park Avenue to the 32-story office tower on 57th Street and Third Avenue. Coller Capital will have its own floor on the 29th floor at 950 Third Avenue. Read More

The Plan

Check Out INET’s New Headquarters Space at 300 Park Avenue South

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In its search for new office space, the Institute for New Economic Thinking was looking for a “next generation” environment with open ceilings and a light, airy environment that fostered collaborative thinking. An economic think tank founded by fun manager George Soros, Research in Motion’s Jim Balsillie and William Janeway of Warburg Pincus, INET has Read More