Lease Beat

FAO Schwarz Wrapping Up Negotiations for Xmas 2016 Opening in Times Square

Rendering of 1633 Broadway (Image: marketing materials).

Iconic toy store FAO Schwarz is in serious negotiations to move its flagship from Fifth Avenue to a smaller, sleek space in the Crossroads of the World, Commercial Observer has learned.

On July 15, the oldest toy company in the country will be vacating the General Motors Building at 767 Fifth Avenue—its home for nearly 30 years—due to a significant rent increase, the company has said. Sources with intimate knowledge of the deal told CO that the new store is slated to open at the base of Paramount Group‘s 2.5-million-square-foot office tower at 1633 Broadway between West 50th and West 51st Streets, just in time for the 2016 Christmas season. Read More

Lease Beat

Financial Company Moving to Midtown

1325 Avenue of the Americas

Wealth management firm KLS Professional Advisors Group will relocate to a bigger office in Midtown this fall through a 16-year, 30,852-square-foot lease for part of the 12th floor and all of the 14th floor at the Paramount Group‘s building at 1325 Avenue of the Americas between West 53rd and West 54th Streets, the New York Post reported this morning.

KLS Advisors will terminate their lease a year early for a smaller space in the Flatiron District at 111 Fifth Avenue for no fee, said Joseph Genovesi, executive managing director of Savills Studley. Read More

Cover Story, Feature

Leading Beyond LEED: NYC Buildings and the Evolving Fight to Consume Less Energy

803 Knickerbocker Avenue.

One of the country’s first hyper-efficient affordable multifamily passive houses was failing a basic evaluation early this month and nobody on architect Chris Benedict’s Architecture and Energy Limited team could figure out why. When the innovative foam-and-stucco structure at 803 Knickerbocker Avenue in Bushwick couldn’t hold up to the blower door test that’s a standard Read More

Lease Beat

StyleCaster Celebrates Fifth Birthday with Relocation

440ninth

StyleCaster Media Group, a fashion and beauty media company that publishes StyleCaster.com as well as Beauty High, Daily Makeover and The Vivant, has marked its fifth birthday by signing a 10-year lease for 23,430 square feet, the entire 11th floor, at 440 Ninth Avenue, The Commercial Observer has learned. Asking rent was in the high-$40s per square foot.

“In the past year we have tripled our company size, doubled our revenues and brought on more team members,” said Meghan Cross, director of communications. “We’re celebrating our hyper growth by moving.” Read More

Lease Beat

Marketing Firm Moves to 440 Ninth Avenue

440ninth

LeadDog Marketing Group has signed a 10-year, 24,929-square-foot lease at 440 Ninth Avenue. Asking rents were $45 per square foot.

“It was the right balance; nicer than what we currently have, but not super corporate,” Donna Providenti, chief operating officer at LeadDog, said of the space. “We are coming from old loft spaces that aren’t really suited for office use.” Read More

Lease Beat

Residential Property Manager Relocates to 440 Ninth Avenue

440ninth

Century Management Services, a residential property manger, has signed a lease for 11,373 square feet on the 15th floor at 440 Ninth Avenue, where asking rents are $45 per square foot.

“The tenant was looking for a strong landlord, one that had a reputation of working with their tenants in a partnership,” Gregg Lorberbaum, principal at Centric Real Estate Advisors, who represented the tenant, told The Commercial Observer. Read More

Holiday Happenings

Holiday Giving, Commercial Real Estate Style

A New York Cares coat donation box (photo courtesy of Related Companies).

The holiday season and the sense of community it can evoke is sometimes enough to pry even the most voracious macher’s focus away from the all-consuming adventure of buying, selling and leasing square footage for retail and office use. This year, firms executed their seasonal giving in various ways. Here are a few …

  • Related Companies  announced a $500,000 donation to the Mayor’s Fund to Advance New York to support Hurricane Sandy relief efforts. The firm also has partnered with New York Cares to create donation sites for the 2012 New York Cares Coat Drive in prominent retail locations in New York City and New Jersey. Donations will be accepted at Manhattan’s Time Warner Center, the Bronx Terminal Market, the College Point Retail Center in Queens, the Gateway Shopping Center in Brooklyn and the Clifton Commons Mall in Clifton, New Jersey. Donations will be accepted at all locations through December 31, 2012.
Lease Beat

60 Wall Street Hits the Market for the First Time… Well, Ever

60 Wall Street

For years 60 Wall Street was the cloistered home of institutional giants.

JP Morgan Chase built the tower in the late 1980s and occupied it through the 1990s. Then in the early 2000s Deutsche Bank acquired the building and it too filled the property’s entire 1.6 million square feet with its operations.

Because of its function solely as a large headquarters space to single users since its inception, 60 Wall Street has been a building unfamiliar to tenants and leasing brokers. Read More

Lease Beat

Wilson Sonsini Does 40K S/F Renewal At 1301 6th

1301 Avenue of the Americas

Law firm Wilson Sonsini Goodrich & Rosati has renewed its office lease at 1301 Avenue of the Americas.

The firm, whose founding partner Larry Sonsini has developed a reputation for providing council and representation to technology firms, signed a nearly 40,000-square-foot lease at the property, which is owned by the Paramount Group. Read More

Lease Beat

Chadbourne To Take Space At 1301 6th

1301 Avenue of the Americas

Chadbourne & Parke LLP is going forward with a deal to move its headquarters to 1301 Avenue of the Americas, several sources have told The Commercial Observer.

The law firm had been shopping around the Manhattan market for months in search of a new home, coming close to leases at One World Trade Center and 230 Park Avenue only to pull away and resume its search. Read More

Lease Beat

Aberdeen Asset Management Opens in New York

Courtesy of NYC Officespaces

Aberdeen Asset Management Inc. will be opening an office in New York.

The international investment firm signed a 11,000 square foot lease in 712 Fifth Avenue. The firm is run out Aberdeen, Scotland, but has large investment desks in London, Philadelphia, and Singapore. The new office will occupy the entire 49th floor of the 52-story Read More