Lease Beat

Edward Minskoff in Negotiations to Fully Lease 51 Astor Place

51 Astor Place.

Edward Minskoff is “optimistic” that the IBM Watson building at 51 Astor Place will be fully leased within the next month-and-a-half, as negotiations for the property’s final two floors play out following a leasing frenzy that has filled most of the “spec” tower. 

Deals for floors 10 and 11 would follow the string of high-profile leases that brought in reported rents that in some cases stretched well beyond $100 per square foot. Read More

Lease Beat

Comerica Expands at 230 Park Avenue

230 Park Avenue in lit in Seattle Seahawks colors for the Super Bowl

Comerica Incorporated has expanded by 7,286 square feet on the sixth floor of 230 Park Avenue, the building’s landlord announced this week.

The Dallas, Texas-headquartered financial services company now occupies a total of 13,158 square feet at the Monday Properties and Invesco-owned building. The company has steadily grown its presence at 230 Park Avenue over the past year, expanding by 2,000 square feet in 2013 to approximately 5,900 square feet. Read More

Year in Real Estate

Spec No More: 51 Astor Lands First Tenant


Edward Minskoff was unfazed in April when he rather pointedly blamed the media for allegations that his “spec” office tower gamble at 51 Astor Place had backfired.

“These are words that are coming from media types that don’t understand our business, so they make assumptions—and by definition an assumption is not a statement of fact,” Read More

Lease Beat

Proctor & Gamble Hair Care Inks 10,000-SF Deal at Tower 45

120 West 45th Street

Proctor & Gamble Hair Care LLC has signed a 10-year, 10,093-square-foot lease for the entire third floor of 120 West 45th Street.

The deal extends a hot streak at the 397,188-square-foot, 40-story tower, which is also known as Tower 45. Patrick Heeg of Jones Lang LaSalle represented the tenant, a subsidiary of beauty and grooming conglomerate P&G. Paul Glickman, Frank Doyle, Mitti Liebersohn, Diana Biasotti and David Kleiner, all of them also from JLL, repped the landlord, SL Green. Read More

All a-Twitter

Twitter Said to Eye Astor Place Move; Minskoff Suggests Otherwise


Social media giant Twitter is in talks to take up to 100,000 square feet at 51 Astor Place, Edward Minskoff’s “spec” tower, according to a report.

Twitter, the micro-blogging site, is in discussions over a long-term deal with rents in the $90s per square foot, according to a report by Crain’s New York. The company, which celebrated a successful initial public offering earlier this month, opened its first New York office at 340 Madison Avenue in 2011.

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Lease Beat

Cornell University Renews, Expands at 575 Lexington Avenue

575 Lexington Ave

Cornell University has signed a 15-year, 182,320-square-foot lease for its Weill Medical College at 575 Lexington Avenue, The Commercial Observer has learned. The tenant has extended its existing lease long term and expanded its space by 35,000 square feet at the base of the Plaza District tower.

Acquired by Normandy Real Estate Partners in 2012, 575 Lexington Avenue is currently undergoing an extensive repositioning and is set to be reintroduced to the market early next year following a major capital improvement plan, which includes a renovation of the building’s lobby. Read More

Lease Beat

Aquila Management to Relocate to Tower 45

120 W. 45th Street, Tower 45

Aquila Management, a sponsor and distributor of mutual funds, will relocate to 120 West 45th Street, also known as Tower 45, from 380 Madison Avenue. The company has signed a 15-year lease for 8,032 square feet on the 36th floor of the SL Green property.

The tenant will pay rent in the high-$60s per square foot, according to data from CompStak. Asking rent for the space was $72 per square foot. Read More

Lease Beat

Blue State Digital Bringing Presidential Pedigree to 101 Avenue of the Americas


Blue State Digital, a subsidiary of WPP, will relocate its New York office to 101 Avenue of the Americas in November, The Commercial Observer has learned. The new media strategy agency has signed a five-year deal for the entire 15,600-square-foot 12th floor at the Edward J. Minskoff Equities building and will pay rent in the mid-$60s per square foot, according to data from CompStak. Read More

Lease Beat

Reed Elsevier Closes Deal at 230 Park Avenue


Professional information firm Reed Elsevier has signed a 10-year, 71,083-square-foot lease for the entire seventh floor at 230 Park Avenue, The Commercial Observer has learned.

“By its size and the tenant on its own, [the deal] means a lot,” Brian Robin, president of Monday Properties, said. “The tenant has exceptional credit and is a very stable organization, which is our sweet spot.” Read More

Lease Beat

Lee Hecht Harrison to Relocate to 230 Park Avenue

230 Park Avenue.

Lee Hecht Harrison, a subsidiary of Adecco USA, has signed a 10.5-year, 23,000-square-foot lease for a portion of the sixth floor at 230 Park Avenue. The global mobility talent firm will relocate from nearby 200 Park Avenue.

“230 Park Avenue continues to earn the trust of leading organizations such as ING, Clarion Partners and Novartis,” said Brian Robin, president of Monday Properties, in a statement. “We are proud to add Lee Hecht Harrison to the tenant community of our landmark building, where we provide leasing solutions for small and large firms alike.”

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Lease Beat

Huntsworth Health to Relocate Agency to 101 Sixth


Huntsworth Health, a family of companies focused on the healthcare sector, has signed a 10-year, 15,600-square-foot lease for the entire 13th floor at Minskoff Equities101 Sixth Avenue, where asking rents are $70 per square foot.

The company’s evoke interaction agency, a healthcare marketing firm, will relocate from its 13,000-square-foot, two-floor space at 920 Broadway. The subsidiary, whose client roster includes Genentech and Pfizer, also operates offices in Philadelphia and Boston. Read More

Lease Beat

Morgan Stanley Inks Largest Sublease of the Year


Morgan Stanley has inked the year’s largest sublease with an 11-year deal for 148,421 square feet of space at Vornado Realty Trust’s 1290 Avenue of the Americas.

The space is across the entire 12th and 13th floors, part of AXA Equitable’s 443,599 square feet in the 44-story, 2-million-square-foot tower, according to The Real Deal, which Read More