Lease Beat

Lebenthal Wealth Advisors Inks Helmsley Building Sublease

230 Park Avenue.

Lebenthal Wealth Advisors has signed a six-year, 43,295-square-foot sublease from HSH Nordbank at the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.

The subtenant will sublease the 31st and 32nd floors of the building while HSH Nordbank consolidates and relocates to the 34th floor. The sublandlord, a northern European commercial bank headquartered in Hamburg, Germany, operates its capital markets, shipping and restructuring business units in New York. Read More

Lease Beat

Financial Tenants Commit to 527 Madison Avenue


Three financial services firms have signed leases at Mitsui Fudosan America’s 527 Madison Avenue, according to an announcement this week by Cassidy Turley, the landlord broker.

Nashville-headquartered brokerage Wunderlich Securities signed the largest of the three deals, securing the entire 8,600-square-foot 10th floor for five years. The tenant converted a sublease deal, set to expire in late fall, to a direct lease. Wunderlich, which has offices in 15 states, also operates in Downtown Manhattan at 200 Liberty Street. Read More

Lease Beat

Sterne Agee Expands at 277 Park Avenue

277 park

Financial services firm Sterne Agee has inked a 9-year expansion for 23,000 square feet at 277 Park Avenue, Andrew Sachs, executive director at Cushman & Wakefield, who represented the tenant, confirmed with The Commercial Observer. Asking rents in the building range from $65 to $85 per square foot depending on location, he noted.

Currently, Sterne Agee occupies 46,000 square feet in the building on the 24th and 25th floors. The new lease does not include a renewal for the previous space, according to Mr. Sachs. The firm moved to its current location in 2011.

“[Sterne Agee] is a fairly opportunistic organization that is seeing growth across a number of different business lines,” Mr. Sachs said. “It was a shrewd move on their part.” Read More

Agency Shifts

Cornerstone Enlists Cassidy Turley as Leasing Agent for 551 Madison Avenue


Cornerstone Real Estate Advisers has selected Cassidy Turley as the new leasing and management agency for 551 Madison Avenue, it was announced today. The 150,000-square-foot property is located at the corner of 55th Street.

Cornerstone acquired the building in a transaction that closed at the end of December 2012, Jim Frederick, executive managing director and principal at Cassidy Turley, told The Commercial Observer earlier today.

The building was previously managed by Jones Lang LaSalle and leased by Cushman Wakefield, Mr. Frederick said. The sale was handled by CBRE. Read More

Lease Beat

Muss Development Signs Two New Retail Tenants at 345 Adams Street

345 Adams Street.

Former municipal space at 345 Adams Street in Downtown Brooklyn is nearly fully leased, thanks to two new deals at the building. The leases leave the retail space’s vacancy at just 1,000 square feet.

Muss Development bought the space—the first two floors—in 2007 and is undertaking a multi-million dollar capital campaign to convert the floors for retail use. A total of 35,785 square feet of retail space there was involved in the project, heralded by the city’s Economic Development Corp. as an important component of Downtown Brooklyn’s future. Read More