Lease Beat

10gen Expands at Former NYT Building

BX_229W43_Aerial_Night_1014111

10gen is expanding its presence at the former New York Times Building with an additional 20,432 square feet across the 5th floor, bringing its total occupancy to nearly 50,000 square feet.

The deal comes seven months after the growing software and database company signed a six-year, 29,391-square-foot lease with contiguous expansion options in December 2012, which includes Read More

The Sit-Down

Our Lady of the Forest: MaryAnne Gilmartin On Taking Charge at FCRC

MaryAnne Gilmartin

Last week, Forest City Enterprises confirmed what had become an open secret in New York real estate circles: MaryAnne Gilmartin would succeed Bruce Ratner as president and chief executive of the company’s New York subsidiary, Forest City Ratner Companies. Ms Gilmartin spoke with The Commercial Observer on the day of the announcement last week about the process of deciding on a succession plan, what she will bring to the table and how her ascension to the top of FCRC will impact the way women are viewed in the real estate industry.

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Machers

The Ups and Downs of Rich Marin, the Ex-Banker Building the World’s Biggest Ferris Wheel

(Victor Juhasz)

Rich Marin is big. For more than three decades, he dominated Wall Street, creating some of the industry’s most exotic investments, making billions for his clients, and millions for himself. One of his minions blew a hole in the side of Bankers Trust, a firm Mr. Marin helped transform into a derivatives powerhouse, and still he held on for the ride, becoming the youngest managing director ever at the bank. It all came crashing down five years ago, when the hedge funds he oversaw at Bear Stearns imploded. The rest of the world followed within the year. But there was Mr. Marin, standing amid the wreckage, helping rescue an overzealous Israeli diamond magnate who had plowed $3 billion into prime U.S. real estate just as the frothing market froze over. He rescued the firm, only to be unceremoniously fired two years to the day after he joined.

Now Rich Marin wants to build the world’s largest ferris wheel—in Staten Island, naturally—and the mayor just gave him his blessing.

Did we mention he is big? At the announcement of the project last Thursday, Mr. Marin absolutely dwarfed Mayor Bloomberg and Senator Chuck Schumer, along with the other dignitaries gathered at the ferry terminal. But despite his imposing size—he stands 6-foot-5 and is built like an offensive lineman—Mr. Marin is probably one of the gentlest people on the Street. Were he a real bear, rather than having worked for one, Mr. Marin would be not a grizzly but a teddy. This may help explain his turbulent career. Read More

Obituaries

W.P. Carey & Co. Founder, Real Estate Legend: R.I.P.

Wm. Polk Carey, 1930-2012

Wm. “Bill” Polk Carey, founder and chairman of investment management firm W.P. Carey & Co. that specialized in the acquisition and management of single-tenanted commercial real estate, died yesterday of natural causes at a Florida hospital, his company announced.

He was 81.

In 2009, W.P. Carey & Co. paid $225 million for 21 floors at the New York Times Building at 620 Eighth Avenue under a sale-leaseback arrangement, with the newspaper agreeing to lease out space in the building for up to 15 years. Read More