Lease Beat

DEA Moving to Brookfield Place

250 Vesey Street.

The Drug Enforcement Administration’s New York Organized Crime Drug Enforcement Task Force (OCDETF ) Strike Force reportedly signed a lease for 56,000 square feet at 250 Vesey Street, one of the five office towers that make up Brookfield Place.

The OCDETF Strike Force is taking the entire 19th floor and will move upon the expiration of its current lease at 85 10th Avenue. Read More

Leasing Assignments

NGKF Takes Over as Leasing Agent at One Liberty Plaza

BKFD 08.17.06 A_034

Newmark Grubb Knight Frank has been hired as the leasing agent for One Liberty Plaza, landlord Brookfield Office Properties announced today.

“We are pleased to have the Newmark Grubb Knight Frank team in place to help us lease the upcoming block at One Liberty Plaza,” said Jerry Larkin, the senior vice president of leasing at Brookfield, in a prepared statement. “The building’s direct access to Fulton Street Transit Center and the World Trade Center Transit hub, its column-free space, ample infrastructure and spectacular views provide a unique value opportunity for prospective tenants.” Read More

Sales Beat

Savanna Pays $75.8M for Adjacent Chelsea Loft Buildings

249 West 17th Street -- the former Siegel-Cooper warehouse

New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.

Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building.  The other property, equal in square footage, is 12 stories high.

The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue. Read More

Lease Beat

Rothschild North America Moves South Inside 1251 Avenue of the Americas

1251 Avenue of the Americas (photo courtesy of CoStar)

Rothschild North America, the North American division of English investment firm NM Rothschild & Sons, will be moving in to two new floors (and contiguous space) at 1251 Avenue of the Americas, the Mitsui Fudosan America-owned office tower.

The new space, on the 33rd and 34th floors, will total 69,418 square feet, as was first reported by The New York Post Rothschild North America currently occupies the 44th and 51st floors inside the 2.29 million square foot building, where it had been since 1994, according to CoStar data.  Read More

Lease of the Week

Risk Analyst Eurasia Group Calculates the Odds at 149 Fifth Avenue

149 Fifth Avenue. (Courtesy Property Shark)

When in 2006 the real estate investor Joseph Moinian bought the office building 475 Fifth Avenue in partnership with the firm Westbrook Partners, the Eurasia Group—a tenant in the building—saw it as an opportunity. The company had years left on its lease, but word quickly spread among tenants that Mr. Moinian was going to offer handsome buyouts to empty the building so he could gut renovate the skyscraper and re-lease it at sky-high rents.

Mr. Moinian’s strategy hardly seemed audacious at the time. The economy was hot, Manhattan rents were rising by the month and prime office space was in strong demand. Read More