Union Bank, a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, has reached an agreement with Deutsche Bank to acquire PB Capital Corporation’s institutional commercial real estate lending portfolio and platform. It will pay a 3 percent premium above the over $3.7 billion face amount of PB’s commercial mortgage portfolio, sources told The Mortgage Observer.
New Read More
With eight buildings totaling close to nine million square feet across a number of submarkets, Boston Properties is one of the largest owners of real estate in Midtown. Andrew Levin, senior vice president of leasing in the real estate investment trust’s New York office, has his finger on the pulse of the market. He spoke with The Commercial Observer last week about leasing trends in Midtown and Boston Properties’ development of 250 West 55th Street, which will open in fall 2013.
They enter alone and in small groups, often single file, but by the time the city’s brokers, politicians and landlords reach the mezzanine level of the New York Hilton, they’ve already fanned out into concentric circles, each composed of friends and colleagues.
And as the room continues to fill each year, so too do those clusters of men and women, each one separated by a mere foot or two from the next, and the next and the next. Indeed, with an estimated 2,200 guests expected to attend this year’s Real Estate Board of New York gala, those small footpaths will only narrow, making it more challenging than ever to connect with allies or retreat from rivals.
It’s with these considerations in mind that we at The Commercial Observer and REBNY have compiled a comprehensive seating chart inside the Hilton’s Grand Ballroom, where employees of firms including Vornado Realty Trust (front and center) and the law firm Morrison & Foerster (near the bathrooms) can all eventually be found, or avoided, whichever the case may be.
Take a look before the lights dim, draw up a plan and use this map, above and on the next page, as a resource.
Chicago-based luxury hotel group Strategic Hotels & Resorts has closed on its $362.3 million re-acquisition of the JW Marriott Essex House Hotel, it was announced this afternoon.
Microsoft has been bumped from 250 West 55th Street, leaving it with two likely space possibilities: a renewal deal at its current home at 1290 Avenue of the Americas or a relocation to 11 Times Square several sources familiar with the company say.
The company had been in advanced talks to take space at the Read More
According to reports, law firm Kaye Scholer will be on the move once its new digs at 250 West 55th Street are completed. The law firm has signed a letter of intent for about 260,000-square feet of space at the Boston Properties tower, which is under construction and expected to open sometime in 2014.
A spokesperson for Boston Properties declined to comment, saying that it doesn’t comment on such reports. And a spokesperson for the law firm declined to comment as well, saying only that additional details would be available at some point next week.
Wells Fargo has provided a $190 million construction loan for the Related Co.’s multifamily development at 500 West 30th Street, just off the Hudson Yards development site. The 32-story tower will include 385 rental apartments, retail space and parking. Joanna Rose, a Related spokesperson, told The Mortgage Observer that the project “is expected to go vertical by the end of the year.”
Alan Wiener, group head of Wells Fargo Multifamily Capital, said that the loan is in line with the types of projects the bank tends to finance in the New York area. “It’s going to be an 80/20 and even though it’s outside the Hudson River Yards, it’s right across the street,” Mr. Wiener explained. “We’re providing the letter of credit and it’s being financed by bonds issued by the Housing Finance Agency.”
The law firm Morrison & Foerster added another floor to its anchor tenancy at 250 West 55th Street, it was announced earlier today.
Morrison & Foerster committed to about 180,000 square feet, floors 17 through 23, last year, in a 15-year lease that allowed the building’s developer, Boston Properties, to proceed with construction of the one-million-square-foot tower, which was delayed because of the recession.
As senior vice president and regional manager of Boston Properties’ New York office, Robert Selsam oversees one of the largest collections of trophy assets in Midtown. The company’s portfolio includes some of the city’s most exclusive office towers, such as the GM Building, 510 Madison Avenue, 399 Park Avenue and 601 Lexington Avenue. Though Midtown leasing was down substantially in the first quarter from last year, Mr. Selsam says that the company’s own leasing figures bucked the trend, in part because its assets are desirable enough to attract takers even during hiccups in the market.
An elevator mechanic working for the Schindler Elevator Corporation, a Switzerland-based elevator company, was electrocuted as he was working in a ninth-floor mechanical room inside 1290 Avenue of the Americas, an NYPD spokesperson confirmed this morning.
A winner is you
Adam Frazier is REBNY’s most promising commercial salesperson of the year.
“It is with great pride that we welcome Adam into the Circle of Winners group,” Steven Spinola, president of REBNY, said in a statement. “He came very highly recommended by not only representatives from his own company but from happy, and extremely impressed, clients.”
Morrison & Foerster, the San Francisco-based law firm with the off-kilter nickname, has signed a letter of intent for 200,000 square feet at 250 West 55th Street, the office tower started by Mort Zuckerman’s Boston Properties but later capped at its foundation after previous anchor-tenant deals fell apart amid a chilly construction-financing market.
The move makes sense Read More