Lease Beat

Food Hall Coming to 230 Park Avenue

230 Park Avenue.

Urban Space, the food hall manager behind Mad. Sq. Eats, Broadway Bites and Dekalb Market, has signed a long-term lease for 10,000 square feet of retail space at 230 Park Avenue.

The tenant is expected to transform 230 Park Avenue’s pedestrian passageway into a showcase for between 20 and 30 chefs and food purveyors. Eldon Scott, president of Urban Space, told The New York Times the food hall will open in approximately one year. Read More

Lease Beat

Comerica Expands at 230 Park Avenue

230 Park Avenue in lit in Seattle Seahawks colors for the Super Bowl

Comerica Incorporated has expanded by 7,286 square feet on the sixth floor of 230 Park Avenue, the building’s landlord announced this week.

The Dallas, Texas-headquartered financial services company now occupies a total of 13,158 square feet at the Monday Properties and Invesco-owned building. The company has steadily grown its presence at 230 Park Avenue over the past year, expanding by 2,000 square feet in 2013 to approximately 5,900 square feet. Read More

Lease Beat

Law Firm Renews, Expands at 230 Park Avenue

230 Park Avenue.

McKenna Long & Aldridge LLP has signed a 12-year renewal at Monday Properties230 Park Avenue.

The law firm has increased its space by 2,000 square feet in the deal and will now occupy 32,052 square feet on the entire 17th and a portion of the 18th floor. The tenant has increased its space in the building by 50 percent since moving in in 2007.

Read More

Sales Beat

American Realty Capital NYRR to Acquire 1440 Broadway

American Realty Capital

The American Realty Capital New York Recovery REIT has agreed to acquire the 750,000-square-foot office tower at 1440 Broadway from Rockpoint Group and Monday Properties for $528.6 million.

“We are pleased to be acquiring 1440 Broadway,” said Michael Happel, chief investment officer of NYRR, in a prepared statement. “The Times Square South neighborhood, we believe, has significant long-term potential as the Times Square submarket pushes south and the Bryant Park submarket pushes north.” Read More

Lease Beat

Reed Elsevier Closes Deal at 230 Park Avenue

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Professional information firm Reed Elsevier has signed a 10-year, 71,083-square-foot lease for the entire seventh floor at 230 Park Avenue, The Commercial Observer has learned.

“By its size and the tenant on its own, [the deal] means a lot,” Brian Robin, president of Monday Properties, said. “The tenant has exceptional credit and is a very stable organization, which is our sweet spot.” Read More

Lease Chart

Helmsley Trust Inks at 230 Park Avenue

Courtesy of Grand Central Partnership

The Leona M. and Harry B. Helmsley Charitable Trust has inked a deal in Manhattan, The Commercial Observer has learned.

The trust will operate its New York office out of a 5,400-square-foot space on the fifth floor of 230 Park Avenue, a joint venture between Monday Properties and Invesco. With more than $4 billion in assets, the trust has committed in excess of $800 million to projects and programs focused on education, vulnerable children, and conservation and security of the development of Israel. Read More

Lease Beat

ING Leases 144,000 SF at Iconic 230 Park Avenue

230 Park Avenue

ING US, Inc. has signed an 11-year lease extension for 144,000 square feet at the historic 1.4-million-square-foot 230 Park Avenue, The Commercial Observer has learned.

The leading provider of retirement, investment management and insurance services has been in the building since 1984, starting with a 55,000-square-foot lease and steadily expanding its footprint over the past Read More

The Plan

Check Out Former Bear Stearns Space, Converted to Monday Properties Marketing Center at 230 Park Avenue

CO Page 38 - The Plan

Built in 1929 by the same architects hired by the Vanderbilt family to construct Grand Central Terminal, 230 Park Avenue has been updated for modern tenancy.

LEED Gold rated and awarded an EPA Energy Star in 2008, the 1.4-million-square-foot property, owned by Monday Properties and Invesco and co-brokered by Jones Lang LaSalle, has been on the forefront of real estate sustainability practices and is the first prewar building in New York to receive those distinctions.

The 71,000-square-foot seventh floor, previously occupied by JPMorgan Chase and its predecessor Bear Stearns, has been redeployed as a marketing center to allow chief executives and other decision-makers the opportunity to see facilities in a predominantly raw space. Jordan Berger of Monday Properties spoke with The Commercial Observer about the space. Read More

Lease Beat

Clarion Partners Signs Direct Lease at 230 Park Avenue

230park

Real estate investment management firm Clarion Partners has inked a 10-year lease, beginning in May 2014, for 71,000 square feet at 230 Park Avenue, it was announced yesterday. Asking rent for the space was in the mid-$60s per square foot.

Clarion, a former subsidiary of ING, is a long-term tenant in the building. The firm’s current occupancy agreement is as a subtenant of ING, according to Brian Robin, president and chief operating officer at Monday Properties, the landlord.

The new agreement is a direct lease of the building’s 12th floor. Currently, Clarion occupies the entire 12th floor and part of the 15th floor. Read More

Sales Beat

RFR Pays $261.5 M. for 350 Madison Avenue

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RFR Realty has purchased 350 Madison Avenue for $261.5 million, public records show and sources at the firm confirmed today.

The 25-story, 394,000-square-foot property, between East 44th and East 45 streets, hit the market just over a year ago and is anchored by classic clothing company Paul Stuart.

A source at RFR confirmed the purchase – and an adjacent retail property at 10 East 45th Street –but declined to provide further comment. Read More

Lease Beat

Macy’s Expands, Renews For A Total 197,000 Square Feet At 1440 Broadway

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Monday Properties announced the 31,700-square-feet expansion of Macy’s, Inc. at 1440 Broadway, the building Monday Properties owns and operates on the southern fringe of Times Square at 40th Street.

It was the storied 150-year old retailer’s third expansion in two years at the 25-floor office building, and gave it full occupancy of the 10th floor, which Advance Magazine Publishers had  subleased to Skadden Arps since 2006. CBRE Vice Chairmen Scott Gottlieb and Michael Laginestra represented the tenant, while Monday Properties Director Jordan Berger represented the owner. Read More

Lease Beat

Colliers International Arranges Two Law Firm Leases

1430 Broadway.

Several law firms are moving offices in leases arranged by Colliers International.

Brandt Steinberg & Lewis will move from 386 Park Avenue South, which William Macklowe agreed to buy this summer for what Crain’s reported was between $110 and $120 million from a Savanna and Monday Properties joint venture. The firm will move to Steinberg & Pokoik Management’s 1430 Broadway. Read More

Mortgage Observer

Bank of America: Off to the Races

Steve Kenny.

Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.

Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual. Read More

The Sit-Down

Cushman’s Michelle Walker Knows Difference Between Agency and Tenant Reps. But Which Does She Prefer?

Michelle Walker. (Photo by Shravan Vidyarthi)

Michelle Walker has stayed busy at Cushman & Wakefield, schooling herself on both landlord and tenant representation. It’s given her unique insight into the Manhattan markets that she covers, where dwindling supply can leave smaller tenants out in the cold and larger tech firms swallowing hard while reimagining their must-have lists. On the tenant side, she’s represented Sugar Publishing in its lease at Monday Properties’ 386 Park Avenue South. In fact, when The Commercial Observer caught up with her last week, she was rushing in from showing Sugar’s available sublease space at the building. Meanwhile, her landlord representation started with Harbor Group International’s 1412 Broadway, an assignment that taught her a lot about how landlords are leveraging their space in Times Square South. Hint: It takes guts. Read More