Lease Beat

LinkedIn Expands to 160,000SF at Empire State Building

Empire State Building. (Credit: Al Barbarino)

Social media networking company LinkedIn is reportedly expanding its presence in the Empire State Building by 44,000 square feet to approximately 160,000 square feet.

“The way the building’s lease expirations rolled allowed for a very creative expansion,” CBRE’s Sacha Zarba, who represented LinkedIn, told The Real Deal. “It’s very hard to find a building that can potentially work for your client five years down the line, but when you have a company that projects such explosive growth as LinkedIn, you have to think that way.”

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Lease Beat

Private Equity Firm Signs One Grand Central Place Lease

1 Grand Central Place

Private equity group 3i has signed a 10-year, 12,723-square-foot lease at Empire State Realty Trust’s One Grand Central Place, Commercial Observer has learned.

Founded in 1945 with £15 million of capital, today 3i boasts nearly £12 billion of assets under management. The company, headquartered in London, operates offices worldwide and will relocate its New York location to the 41st floor of One Grand Central Place from 400 Madison Avenue. Read More

Lobby

Ryan Kass Joins Empire State Realty Trust

Ryan Kass (Courtesy of CPEX)

Empire State Realty Trust announced the addition of industry veteran Ryan Kass as senior vice president and director of leasing and marketing. Mr. Kass will join Fred Posniak, senior vice president of leasing and marketing, to build the in-house leasing and marketing team.  Read More

Lease Beat

Gerson Lehrman Group Consolidated in Grand Central

ALB Law Firm

Gerson Lehrman Group, the world’s largest membership-based network for professional learning and expertise, has inked a deal for a central office space in the heart of Grand Central, the Commercial Observer has learned.

The firm will be consolidating staff from its office at 850 Third Avenue and 845 Third Avenue to a new office at 60 East 42nd Street. The central office will span approximately 64,361 square feet across the entire third and fourth floors, approximately 15,000 square feet larger than the previous two offices. Read More

Lease Beat

Exponential Interactive Moving to Pre-built Space at 292 Madison Avenue

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Exponential Interactive has signed an 11,113-square-foot lease for the entire pre-built 11th floor at 292 Madison Avenue.

“This lease is a further testament to the successful re-positioning of the property,” said Gerard Nocera, principal of Herald Square Properties, in a prepared statement. “Madison Avenue south of 42nd Street has become one of the city’s most active hi-tech corridors and our Soho-style pre-built offices are clearly conducive to these new tenant categories.” Read More

Lease Beat

Law Firm Expands at W&H Properties’ 1350 Broadway

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Tarter Krinsky & Drogin LLP has signed an expansion at W&H Properties1350 Broadway, the landlord announced last week. The law firm, which moved to the building in 2007, increased its presence by 35 percent and will now occupy a total of 37,609 square feet across three floors.

“Tarter Krinsky & Drogin has been a tenant at 1350 Broadway during a period in which we have transformed the property in a $53-million, top-to-bottom upgrade program,” said Anthony Malkin, president of Malkin Holdings, which oversees the W&H portfolio, in a prepared statement. “This expansion demonstrates that we’ve delivered on our promises and ensured the highest levels of tenant satisfaction.” Read More

Lease Beat

Law Firm Signs Lease at One Grand Central Place

1 Grand Central Place

Law firm Hafetz Necheles & Rocco has signed a 10.5-year, 12,720-square-foot lease for the entire 36th floor at Malkin HoldingsOne Grand Central Place. Asking rent for the tower floor space was $59 per square foot.

“It’s a great location and very convenient, with in-building access to Grand Central Terminal,” Tom Durels, executive vice president at Malkin Holdings, told The Commercial Observer. Read More

Lease Beat

Enclos Corp Expands at the Empire State Building

(Credit: Al Barbarino)

Enclos Corp., a façade engineering, design and manufacturing firm, has expanded at the Empire State Building, signing a five-year, 4,705-square-foot lease on the 76th floor. Asking rent for the pre-built space was in the mid-$50s per square foot.

“Taking more space at the Empire State Building is an important statement for any nationally-based company,” said Thomas Sullivan, executive managing director at Coldwell Banker Commercial Alliance, who represented the tenant, in a prepared statement. Read More

Lease Beat

Christian Rock and Pop Company Tunes Up at 1040 AoA

Courtesy of NYRej

The company Up, an American satellite and cable television channel, has taken a 6,842-square-foot lease at 1040 Avenue of the Americas.

Originally founded as Gospel Music Channel, and later rebranded as Up TV, and then, finally, to Up, the channel focuses on Christian rock and pop and related original content. The company, which plans to enter the building in October, will be joining sister company InterMedia Outdoors, which operates a space on the 12th floor of the building. Read More

Lease Beat

Allianz Real Estate of America Relocating to One Grand Central Place

1GCP-exterior

The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.

“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.

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Lease Beat

FLSV Quadruples Office at 1359 Broadway

Courtesy of W&H Properties

The accounting and tax services firm FLSV Fund Administration Services will be expanding its office along the Broadway Corridor at W&H Properties’ 1359 Broadway.

Founded by four senior executives from Morgan Stanley in 1995, FLSV has expanded into three offices – in Garden City, New York, and Seattle – and more than 70 professionals. Read More

least beat

E-commerce Site Borderfree.com Extends and Expands in 22,226-SF Lease at 292 Madison

292 Madison Avenue

E-commerce company Borderfree.com (formerly Fifty-one Global E-Commerce) expanded and extended its lease for a total 22,226 square  at 292 Madison Avenue, The Commercial Observer has learned.

David L. Hoffmann, Jr. and Bryan Boisi of Cassidy Turley represented the tenant. William G. Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the owner, identified as 292 Madison Avenue Leasehold LLC. Asking rent was in the high $40 to mid $50 a foot range, said Michael Reid, a principal at building manager Herald Square Properties. Read More

Lease Beat

LinkedIn Leases 31,196 Square Feet at Empire State Building

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LinkedIn inked a full-floor deal for 31,196 square feet at the Empire State Building, bringing its total footprint there to 109,719 square feet.

Sacha Zarba led a team from CBRE representing the tenant. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, Malkin Properties. The social networking site became a direct tenant in the Midtown landmark in 2011, with 31,742 square feet on the 25th floor. It has since expanded to the 23rd, 24th and 39th floors. Read More

Lease Beat

Shutterstock Takes 80,000 SF in Relocation to Empire State Building

(Credit: Al Barbarino)

Image-licensing company Shutterstock is relocating to the Empire State Building, The Wall Street Journal reports.

The tech startup signed a lease for more than 80,000 square feet on two whole floors of the building, leaving behind 60 Broad Street after the addition of 50 employees following its public offering in October maxed out that space.

“We’ve been growing, and what we want is a more collaborative, open environment,” Shutterstock CEO Jon Oringer told the Journal.  “We were looking for really big floor plates, but if you want to go around there [in Midtown], you’d have to look at three or four floors to get the same amount of space.” Read More