Early Exit

Regus Exits Brookfield Place Lease Early

200 Vesey Street.

Regus, a flexible workspace provider, has closed its business center at Brookfield Place a little more than a year after signing a 16-year lease there, Commercial Observer has learned. The company moved out of the Lower Manhattan development quietly last month, the same month of its grand opening.

“Due to a number of operational issues outside our control, Regus has closed its business center in [the building previously known as 3 World Financial Center],” Regus said in a statement. “All affected customers have been relocated to other nearby Regus locations.” That number of customers was few, said Andrew Brown, group communications director for Regus. Read More

Commercial Breaks

Savanna Closes 580K SF of Leasing in 2013

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Real estate private equity firm Savanna closed over 580,000 square feet of leasing in its portfolio across 59 deals in 2013, The Commercial Observer has learned.

“The significant number of lease renewals, expansions and new leases is evidence of the brokerage and corporate communities’ confidence in Savanna properties,” said Nicholas Bienstock, managing partner at Savanna, in a prepared statement. “We thank the brokerage community for their continued support in these transactions and look forward to working together again in 2014.” Read More

Lease Beat

Regus Renews at 14 Wall Amid Downtown Rebirth

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Office space provider Regus has signed a 10-year lease renewal at Alex Rovt’s 14 Wall Street for 37,000 square feet across the building’s entire 20th floor.

The deal, arranged by CBRE at asking rents of $45 per square foot, comes as brokers said the building’s appeal, paired with the rebirth of Downtown, has tenants giddy Read More

Lease Beat

Architecture Firm Signs Deal at 31 Penn Plaza

31 Penn Plaza

Architecture firm RMJM has signed a seven-year, 5,085-square-foot lease on the sixth floor at 31 Penn Plaza, the landlord announced earlier this week.

Headquartered in Britain, RMJM operates offices worldwide, including Hong Kong, Edinburgh, London, Abu Dhabi and Bahrain. The firm’s portfolio includes a number of high profile projects, such as the New Scottish Parliament in Edinburgh, the Gazprom Tower in St. Petersburg and the banking headquarters for China Merchants Bank in Shanghai. Read More

Lease Beat

Compass Group USA Takes Space at 31 Penn Plaza

31 Penn Plaza

Compass Group USA has signed a 8,600-square-foot, 10-year lease for a portion of the sixth floor at Savanna’s 445,000-square-foot 31 Penn Plaza.

The food service management and support services company serves six million meals a day throughout the U.S and Canada from its vending and coffee machines, restaurants, corporate cafes, schools, arenas, museums, and special events. Read More

Lease Beat

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

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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

Huntsworth Health to Relocate Agency to 101 Sixth

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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

Regus Continues New York Expansion at 104 West 40th Street

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Office space provider Regus has signed a long-term, 30,000-square-foot lease on the fourth and fifth floors at 104 West 40th Street, continuing the company’s aggressive expansion in New York.

“We’re really looking to expand on the west side of Manhattan, filling in the dots of where we aren’t,” Grant Greenberg, spokesman, told The Commercial Observer, adding that an exact opening date has not been nailed down but late 2013 or early 2014 is likely. Read More

Business Lounging

Regus Adapts as Work Habits Change

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As co-working and temporary space increase in popularity for both start-ups and established businesses, office provider Regus has expanded its available options by opening two street-level business lounges offering short-term access over the past six months, at 747 Third Avenue and 275 Seventh Avenue.

“We are meeting the demand of the increase of people using drop in access,” Grant Greenberg, spokesman, told The Commercial Observer. Read More

Lease Beat

Regus Signs Deal at 31 Penn Plaza

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Continuing its aggressive expansion across New York, office suite provider Regus has signed a 10-year, 23,000-square-foot lease on the 15th floor at 31 Penn Plaza.

Regus will take responsibility for the build out of the space and is expected to move in during the first quarter of 2014. Asking rents were in the low-$50s per square foot, according to a source familiar with the negotiations. Read More

Lease Beat

Regus Inks 32,000 Square Feet at Minskoff’s 101 Sixth Avenue

Courtesy of the Real Deal

The Luxembourg-based facility manager and business support system Regus will open a new location downtown. The company operates more than 1,400 locations around the world with nearly 60  in the city.

With a lease duration of 10 years, Regus’ latest office boasts 32,000 square feet at 101 Sixth Avenue, an Edward J. Minskoff Equities asset north of Canal Street with steep asking rents of $75 per square foot. Read More

Lease Beat

GFK Market Research Close to World Financial Move: Report

GFK Market Research is closing in on a 75,000-square-foot lease at 1 World Financial Center, Crain’s New York reported yesterday.

It is believed GFK will take one of the building’s lower floors on a 10-year lease. Asking rent is in the $40s per square foot, Crain’s reported. There is currently vacant space on the fourth and fifth floors, according to the report, both measuring approximately 75,000 square feet. Read More

Lease Beat

Regus Claims Space at World Financial Center

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Office provider Regus completed a transaction to acquire 54,991 square feet, the entire 24th floor, at 3 World Financial Center, according to Jerry Larkin, director of leasing at Brookfield. Mr. Larkin declined to discuss terms of the deal.

Regus will build out the space to their current office standards, Mr. Larkin said.

“What attracted them was obviously the numerous renovations to the center, the quality of the dining and shopping that will be coming to Brookfield Place,” Mr. Larkin added. The World Financial Center will be renamed Brookfield Place in fall 2013. Read More

Prebuilt Building Out in Manhattan

The ground floor business lounge at 747 Third Avenue. (photo courtesy of Regus)

Regus announced plans to expand its prebuilt office space footprint in Manhattan with four new locations slated for leasing in the coming year. The Luxembourg-based company has 60 such business centers in the tristate area, 26 of which are in New York City.

New locations include 23,000 square feet at 747 Third Avenue, two floors Read More