Lease Beat

Proctor & Gamble Hair Care Inks 10,000-SF Deal at Tower 45

120 West 45th Street

Proctor & Gamble Hair Care LLC has signed a 10-year, 10,093-square-foot lease for the entire third floor of 120 West 45th Street.

The deal extends a hot streak at the 397,188-square-foot, 40-story tower, which is also known as Tower 45. Patrick Heeg of Jones Lang LaSalle represented the tenant, a subsidiary of beauty and grooming conglomerate P&G. Paul Glickman, Frank Doyle, Mitti Liebersohn, Diana Biasotti and David Kleiner, all of them also from JLL, repped the landlord, SL Green. Read More

Lease Beat

IDEO Relocating in Soho

408Bway2

Global design consultancy IDEO is relocating to 408 Broadway early next month after signing a 12-year, 28,500-square-foot lease for the building’s fourth and fifth floors. Asking rents were in the high-$40s per square foot.

“This deal helps extend Soho’s creative hub south past Canal Street, where transportation and amenities are still great but rents are more palatable,” said Justin DiMare of Newmark Grubb Knight Frank, who represented the landlord United American Land in the lease and purchase of the vacant building in 2011. “The building is now fully leased long term.” Read More

Lease Beat

Morgan Stanley Inks Largest Sublease of the Year

1290-ave-of-amers

Morgan Stanley has inked the year’s largest sublease with an 11-year deal for 148,421 square feet of space at Vornado Realty Trust’s 1290 Avenue of the Americas.

The space is across the entire 12th and 13th floors, part of AXA Equitable’s 443,599 square feet in the 44-story, 2-million-square-foot tower, according to The Real Deal, which Read More

Power Broker

The Storm Chaser: Alexander Chudnoff on Post-Sandy NYC Recovery Efforts

Alex Chudnoff.

Alexander Chudnoff, a commercial leasing broker who takes pride in strengthening relationships with clients through “impeccable service,” was especially busy in the aftermath of Hurricane Sandy.

The Jones Lang LaSalle executive managing director was dividing his time last week between volunteer efforts in the Rockaways, where he provided hot pizza and coffee to storm victims, and getting on the phone to make sure his Downtown Manhattan clients could stay open. Though it was a difficult time, the activity of making connections was just what attracted Mr. Chudnoff to the business in the first place.

“I love to make calls. I love to canvass,” he said. “I like to develop the relationship.”

In some cases, the storm required short-term arrangements, such as lining up space with other clients or in Jones Lang’s own offices, he said. In others, clients were able to proceed with minimal disruption, as when Dentsu Holdings USA returned to work at 32 Avenue of the Americas when Rudin Management opened the building the Monday after the storm. Read More

Lease Beat

Five Ink 50,000 at 600 Lexington Avenue

600 Lexington Avenue

Five tenants have leased nearly 50,000 square feet at 600 Lexington, the building’s landlord, SL Green, announced on Tuesday.

F5 Networks, an information technology company, signed a 10-year deal for 12,487 square feet, the roughly 300,000 square foot building’s entire fifth floor. Robert Stella, a broker at Cresa Partners represented F5 Networks in the deal. Read More

The Sit-Down

Jones Lang LaSalle’s Mitti Liebersohn on the First Quarter, Downtown and Beyond

Mitti Liebersohn.

When Mitch Konsker, Matt Astrachan, Alexander Chudnoff, Paul Glickman and Mitti Liebersohn departed Cushman & Wakefield for Jones Lang LaSalle last January, the aftershock was palpable. Noting that it had been the second major defection from Cushman in as many months, one broker described the team as rock stars and suggested that the brokerage firms they worked for not so much paid their wages as orbited their personalities. Now one year later, with much of the hoopla gone, Mr. Liebersohn spoke with The Commercial Observer about his past 12 months at Jones Lang LaSalle, the reasons behind weak first-quarter results, and what to expect in the second quarter. Read More