Retail Lease Beat
Oakley has signed a 10-year lease for 6,800 square feet across the ground, second and lower levels at 560 Fifth Avenue, it was announced today. Asking rent for the ground floor was $1,150 per square foot.
“A few steps away from Rockefeller Center and other international retailers, this is a perfect fit for a brand like Oakley,” said Mark Stempel, president of CityVest Realty Corp., who represented the landlord, in a prepared statement.
Outbrain, a provider of strategic website enhancements, has signed a 25,000-square-foot lease in the Greenwich Village section of Manhattan, at 39 West 13th Street, effective through 2020, The Commercial Observer has learned.
The company will take the entire third floor in the building, though only 10,000 square feet in the property was originally available, brokers involved Read More
CBRE, the Los Angeles-based commercial real estate services firm, has hired Elaine Kleinberg as a managing director in the firm’s Manhattan office, it was announced.
Ms. Kleinberg, a senior attorney with 20 years experience who most recently served as general counsel for Newmark Knight Frank–and, briefly, Newmark Grubb Knight Frank–will be responsible for management and development of mid-level sales professionals and oversight of the legal agreement process, according to a release.
Tales of Retail
The Feil Organization’s 551 Fifth Avenue, known as the Fred French building, will soon be home to a unique shopping experience. Retailer Tommy Bahama signed a 12-year lease for 8,500 square feet of space at the Art Deco tower back in January 2011 and this November plans to open its first standalone New York store—which will include a restaurant and bar.
The Commercial Observer spoke to Rob Goldberg, Tommy Bahamas’ senior vice president of marketing, who detailed how the location will be tailored to the New York City market—and why the retailer expects the location and its combination restaurant-bar-retail to not only provide branding but turn a profit.
It didn’t take long for Jeff Rosenblatt to sense something awry in the house of Kent Swig.
It was 2009 and Mr. Swig, at the time a large landlord in the city, had purchased the real estate services company Helmsley-Spear a year earlier. In the months after his big acquisition of the legendary brokerage firm, Mr. Swig had offered Mr. Rosenblatt a senior position managing its leasing operations.
McGivney and Kluger have inked an expansion deal on their lease at 80 Broad Street.
The insurance defense firm started in 1994 as a small law firm in Florham Park, New Jersey. It has since opened twelve offices across the nation in metropolitan regions such as Boston, Philadelphia, Fort Lauderdale, Syracuse, San Francisco, and, of Read More
LinkedIn is set to expand 10,400 square feet on the 24th floor in the Empire State Building.
“Their sales force is expanding in New York City and they are out of space on their main floor,” Sacha Zarba, a senior vice president ofCBRE explained.
LinkedIn initially moved into the building in 2010 and has maintained Read More
Racinos and Casinos
Aqueduct Resorts World, the Queens racino owned by Genting Malaysia, has been New York State’s biggest tax-revenue producer while also doling out the most winnings among the nine racinos in the state, The NY Post reports.
The racino paid out $3 billion to the users of its video lottery terminals (VLTs) of the $3.178 billion in wagers it collected between April through the middle of June, according to financial reports filed with the state Lottery Division.
Aqueduct Resorts World pocketed the leftover $178 million, with nearly 60 percent of that revenue going back to the state.
Can The Commercial Observer party at its own party? You bet! The CO got down at its annual Power 100 celebration, which honors its picks for the top 100 most powerful, influential and successful real estate figures in the city. Held at the Core Club in Midtown on Monday night, the gathering featured a collection of the most distinguished owners, brokers, executives and politicians. After the jump, a minute-by-minute color commentary on the city’s most powerful human beings.
LVMH, a purveyor of high-end luxury products, has signed an office lease at the Skyline Developer’s Tower at 20 West 55th Street.
The company, whose portfolio includes more than sixty brands in five sectors, will use its new 3,874-square-foot space for general, executive, and administrative offices, brokers involved with the deal told The Commercial Observer. Read More
Educational Networks, Inc. will be moving from its office on John Street to Savanna’s 80 Broad Street.
The private educational services firm will move into a 5,790 square foot unit on the 25th floor of the building. The lease was set for six years.
Robert Corbi of Colliers International represented Educational Networks in the deal. Read More
Michael Gottlieb, a top leasing executive formerly at Grubb & Ellis, is going to Avison Young, the Canadian real estate services firm making a push to bulk up substantially in Manhattan.
Mr. Gottlieb was one of most highly regarded dealmakers at Grubb & Ellis, which had lost brokerage talent as the firm faultered towards bankruptcy Read More
Arthur Mirante, a former CEO and high-profile broker at Cushman & Wakefield, is leaving the firm to become the tri-state president of Avison Young, the real estate services company announced this morning.
The move gives the firm, which has a sizable presence in Canada but is only a budding brand here, a big name in the Manhattan real estate services industry.
Mr. Mirante was C&W’s longest serving chief executive, guiding the firm from the mid 1980s until 2005 when he ceded the position to Bruce Mosler, who he later partnered with in 2010 to form a top level brokerage team.
In the song, “New York, New York” Frank Sinatra sings that “if I can make it there, I can make it anywhere.” But just how difficult is it to make it big here, especially in real estate?
Whether it’s that new job, a higher salary or commission, or a fresh start entirely, it may be tougher than the song implies if you don’t have the right education.
Grubb & Ellis was purchased out of bankruptcy by BGC Partners last week and merged with another brokerage firm, Newmark Knight Frank. The integrated entity, which many industry experts say will become a new power in the real estate services industry, is being called Newmark Grubb Knight Frank.
Although from a branding standpoint brokers at Grubb & Ellis said they appreciate BGC’s decision to retain some portion of the company’s identity in the new moniker, they claim it is an ode to a partner long forgotten.